The strait is now a bargaining chip, not a shipping lane

A shipping lane is close to an agreement. That is not the same as being open — and this week the difference cost a crew member his life. The Strait of Hormuz has been closed since late February. Iran and Oman are near a route mechanism, but Tehran has restated six political conditions for reopening — and ADNOC says fifteen of its vessels have been hit since the conflict began, three this week alone. What is being negotiated is a map. What remains unresolved is permission. Also: the second strike on Aramco's Jazan refinery — already offline, hit again while under repair — and the 187 tonnes of gold that changed owner in a footnote. Full brief, with every source linked, at universalassetowners.com.