If the United States goes to war with Iran, you are unlikely to hear the word “oil” uttered by top Trump administration officials, but make no mistake: that three-letter word lies at the root of the present crisis, not to speak of the world’s long-term fate.

Hawks in the White House, led by National Security Advisor John Bolton, see a war aimed at eliminating Iran’s clerical leadership as a potentially big win for Washington. Many top officials in the U.S. military, however, see the matter quite differently. These days, the Pentagon is increasingly obsessed with preparations for another type of war in another locale entirely: a high-intensity conflict with China, possibly in the South China Sea.