Iran Just Built a Tollgate on 20% of the World’s Oil. Here’s What Happens Next.

The Strait of Hormuz has never been closed. It has never been controlled. It has never charged a single cent.

The Hormuz Shock in one frame - Brent futures up 66% at the peak, daily ship transits collapsing by 95%, and a regional dependency map that explains why Japan and Bangladesh are sweating more than Wa…