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HORMUZ IS THE BEST LEVERAGE ON EARTH
It only takes one low-cost attack to damage trillions.
Topics
- Oil
Further reading
- MACRO RESEARCHTHE HORMUZ TRAP | Why the world is running out of maritime chokepointsWhy the world is running out of maritime chokepoints
- MACRO RESEARCHTWO AUTHORITIES ARE BLUFFING. THE MARKET IS ABOUT TO FIND OUT WHICH ONE FOLDS FIRSTThe BOJ signals hikes it can't deliver while defending the yen. OPEC+ stops even pretending to defend a floor.
- MACRO RESEARCHHormuz Reopened. The Red Sea and the Caspian Just Failed Too.The market priced the ceasefire as an ending. It was a pause between three chokepoints failing one after another — and the refining system never got the chance to rebuild what the
- MACRO RESEARCHThe Hormuz Insurance Blockade: The actuarial mechanics that closed the strait before Iran couldThe actuarial mechanics that closed the strait before Iran could
- VOL RESEARCHTrump’s Russia Sanctions Waiver and the Saudi Oil ShockYou don’t show weakness to a rival, and you certainly don’t win a war by being weak. That is precisely what Trump is doing right now.
- FED RESEARCHWhy Is Gold Falling? The Iran War, the Fed Hike and the Real-Yield Math Behind Gold's 2026 SelloffGold is falling because the Iran war's oil shock pushed the Fed into hiking and lifted the US 10-year real yield to 2.90%, its highest level since 2008.