Pakistan sits at the northeastern corner of the Arabian Sea, flanked by Iran to its west and with a coastline that extends from the Gulf of Oman toward India. It is the world’s only nuclear-armed Muslim-majority state, a country with deep financial and demographic ties to the Gulf Arab states, and a country with a 900-kilometer land border with Iran. Its position makes it relevant to every major regional security scenario, including Hormuz, without giving it decisive influence over any of them. Pakistan is courted and pressured simultaneously by parties whose interests in the Gulf are incompatible, and it manages this position with a hedging strategy that satisfies no one and infuriates everyone.