The World Is Beginning to Look Like 2021 Again
The global economy is starting to rediscover a sensation it hoped had been buried with the pandemic: the slow suffocation of supply chains. Not yet...
Category: Commodities
China’s Reflation Was Imported Through the Strait of Hormuz
China has finally escaped deflation. Unfortunately, it did not do so through a heroic revival of domestic demand, a consumer renaissance, or the sudden rediscovery...
Iran, Hormuz and the War That Cannot Find Its Exit
The war in Iran has entered that dangerous phase where everyone claims to want peace, yet each side rejects the only proposals on the table....
The One-Page Peace and the Many-Page Failure
Washington is now offering Iran what it refused yesterday: a staged reopening of the Strait of Hormuz and a gradual lifting of the American blockade....
The Strait of Contradictions
Donald Trump has paused “Project Freedom” almost as soon as he launched it. The operation that was meant to guide trapped neutral ships through the...
Hormuz Drifts Into the Fog
The Strait of Hormuz is no longer merely blocked. It is being redrawn. Hundreds of vessels are now clustering near Dubai, while others move away...
Project Freedom, or the Art of Escorting a Crisis One Ship at a Time
Donald Trump now wants to guide ships through the Strait of Hormuz. After weeks of blockade, counter-blockade, threats, oil shocks and diplomatic theatre, Washington has...
The War Without a Strategy
The United States is no longer negotiating with Iran. It is improvising against it. Donald Trump says he will review Tehran’s latest peace proposal, while...
The Blockade That Became a Trap
The American strategy in Iran was meant to be simple: apply pressure, choke the regime, force concessions, reopen the Strait of Hormuz, and then declare...