They have less leverage. The have so much less that they are forced to openly use their last and most powerful card for their survival, when they never have had to before. That is a position of weakness, not strength.
That is not their most powerful card. Their most powerful card is mining the Strait of Hormuz and taking out all GCC desalination and oil infrastructure. That would result in a global depression, and probably end the Gulf countries as we know them.
I suppose it is more powerful in an absolute sense than just temporarily shutting down the Strait, but like Russia's nukes, I think the threat is more useful than the play itself. Unless they are just looking to take others down with them.
Remove of sanctions, ability to monitize traffic through the strait, guarantees against aggression and a cessation of military bases in their region. IMO, a much stronger position than they were in a year ago.