Analysis and commentary

Iran wants $2 million per tanker to use Hormuz. Shippers are paying.

22,500 sailors are stuck in the Persian Gulf and running low on food

There might be a deal to reopen Hormuz. Nobody agrees on what it says.

A draft agreement between the US and Iran could reopen the Strait of Hormuz. But Iran's state TV leaked details that the White House calls fabricated. Trump says he is not satisfied. Here is where things stand.

Oil shocks: 1973, 1990, 2008, 2022, and now. How this one compares.

The Hormuz crisis has pushed oil above $140. We have been here before, or have we? A comparison with every major oil shock since the 1970s, and why this time is genuinely different.

Asia gets 84% of its oil through Hormuz. The supply chain is breaking.

It is not just about gasoline. Asia's plastics industry, fertilizer production, and chemical manufacturing all depend on Gulf crude and naphtha. The Hormuz closure is shredding supply chains from Mumbai to Jakarta.

Every way to bypass Hormuz, ranked by how much oil they can actually move

Saudi pipelines, UAE pipelines, the Cape of Good Hope, and every other alternative. Here is what each one can actually do, and why none of them is enough.

China's shadow fleet is still moving Iranian oil. Here is how it works.

While the world focuses on the Hormuz blockade, a parallel shipping network continues to move Iranian crude to China. Ship-to-ship transfers, flag changes, and falsified AIS data. An investigation into the fleet that sanctions cannot reach.

Red Sea is still closed. Now Hormuz is too. Shipping has nowhere to go.

Kuwait just got hit by missiles. The war is spreading beyond Hormuz.

Iran's oil exports dropped from 1.5 million barrels a day to almost nothing

US Strikes Iranian Missile Sites Near Hormuz in Defensive Operation

US Central Command confirms precision strikes on Iranian missile launch sites and mine-laying naval vessels near the Strait of Hormuz as military escalation intensifies.

Trump sanctioned Iranian oil, then lifted the sanctions, then sanctioned it again

In 90 days, US policy on Iranian oil went from maximum pressure to temporary waiver and back to sanctions. The whiplash is confusing markets and costing refiners. A timeline of the flip-flop.

The Navy is escorting ships through Hormuz. Three warships have been targeted already.

Operation Project Freedom has put US and coalition warships directly in the line of fire escorting commercial vessels through Hormuz. Three escorts have already been attacked. The convoy system is holding, for now.

The Hormuz crisis will cost the world $1 trillion. Here is where the money goes.

The first comprehensive estimate of the global economic cost of the Hormuz closure puts the total at $1.05 trillion over 12 months. The pain is not distributed evenly. A country-by-country breakdown.

Qatar has 77 trillion cubic feet of gas and no way to sell most of it

Qatar is the world's largest LNG exporter. The Hormuz closure means its tankers cannot reach customers. There is no pipeline alternative. The gas is stranded, and the contracts are breaking.

Every tanker seized or attacked in the Gulf since February: a complete timeline

Thirty-one commercial vessels have been seized, attacked, or forcibly diverted in the Persian Gulf region since February 2026. Here is every incident we have been able to verify, with dates, ship names, and details.

Ceasefire Framework Emerges After Beijing-Mediated Marathon Talks

China brokers a 60-day truce extension framework between US and Iran, with phased strait reopening and sanctions relief as key provisions.

Brent Surges Past $102 as Military Strikes Dampen Peace Deal Hopes

Oil prices spike 2.3% in a single session as US military strikes interrupt diplomatic progress, with analysts warning of further escalation premium.

Three Vessels Cross Hormuz Under Diplomatic Escort as Talks Continue

Two LNG carriers and one oil tanker pass through the strait in the first commercial transit in 72 hours, escorted by international naval vessels.

India Declares Fuel Emergency as Reserve Levels Hit Critical Threshold

The Indian government activates emergency fuel rationing protocols as strategic petroleum reserves fall below 15 days of coverage for the first time.

EU Gas Prices Hit Record as Qatar Force Majeure Enters Third Month

TTF gas futures surge to all-time highs as European utilities scramble for alternative LNG supplies amid prolonged Qatar export disruption.

US Naval Escort Operation Completes Fifth Convoy Through Hormuz

Operation Freedom of Navigation escorts its fifth convoy of commercial vessels through the Strait of Hormuz amid ongoing security threats.

The Beijing Summit: Can China Broker a Deal?

China's emergency summit brings together Iran, Saudi Arabia, UAE, and Oman.

Walls Closing In: The Geopolitics of a Choked Strait

As the Hormuz crisis enters its third month, the geopolitical walls are closing in on all parties.

Iran's "Safe Transit" Proposal: Genuine or Stalling?

Iran's proposed safe transit corridor comes with conditions that make acceptance unlikely.

Operation Freedom of Navigation: The Naval Escort Mission

The US-led naval escort operation has completed three convoy transits.

The LNG Crisis: No Pipeline Can Carry Gas

Unlike crude oil, LNG cannot be piped over land, making this the most intractable aspect.

Insurance Markets in Uncharted Territory

The withdrawal of all six major P&I clubs has created an unprecedented maritime insurance crisis.

Life on the Cape Route: 12 Extra Days, $650K More

The Cape of Good Hope has become the world's busiest shipping lane overnight.

When Hormuz Stopped: The Day Global Trade Froze

February 28, 2026 will be remembered as the day the global trading system experienced its most severe shock since 1973.