Iran Turned Its Hormuz Paperwork Into A Sanctions Problem
Iran's Hormuz paperwork now asks insurers and banks whether a ship bought sanctioned safe passage.
Economy
Warsh's First Week Is A Yield Curve, Not A Biography
Kevin Warsh inherits a bond market already arguing with the rate-cut story.
The IEA Oil Report Says Waivers Are Not Demand Recovery
Waiver talk can move prices, but the IEA's barrels still show demand damage, stock draws, and a shut-in Gulf.
Iran's Stock Market Was Set To Reopen Into A War-Damage Disclosure Test
Tehran's scheduled reopening matters only if companies disclose the damage behind the managed return to trading.
OFAC Made The Hormuz Certificate A Counterparty Question
A ship does not need a Western insurer to buy Iran's safe-passage paper for the insurer to have to ask about it.
The IEA Stock Draw Keeps Waiver Talk In Bounds
The oil waiver rumor cannot outrun the IEA's inventory draw and supply-loss ledger.
China's Hormuz Dependence Is Also A Customer-Demand Problem
Hormuz hurts China not only by raising its energy bill, but by weakening the customers who buy Chinese goods.
The Oil Waiver Rumor Still Did Not Reopen The Strait
A waiver rumor can move oil expectations, but it still cannot make a maritime operating system appear.