Right, so now it seems Donald Trump is in charge of the Strait of Hormuz.

Good to know.

Maybe someone should mention that to the people actually trying to get ships through in which case.

Some unlucky corporate executive just paid twenty-three to twenty-five million dollars to rent a supertanker for a quick trip into the Gulf to pick up Iraqi crude. Bargain of the century, if your idea of a good time is burning through cash and calling it relaxation.

But why do that? Because nobody in their right mind wants to send a tanker into Hormuz right now without checking with Iran first. Ships are still getting hit, insurers are piling on war risk premiums like ornaments on a Christmas tree, and shipowners willing to take the risk are about as rare as unicorns at this point. Fewer ships, huge risk, oil demand not budging. So the pr ...