The Race to Stabilize Oil Markets as the Iran War Expands

Everything is about leverage. Hormuz is no longer the only story as the White House loses control of its version of the narrative. The conflict is shifting toward direct control over physical supply and the infrastructure that moves it. Washington’s answer to Hormuz is Kharg Island, through which some 90% of Iran’s oil exports moved prior to this week. The strategy here was a U.S. strike that targeted military assets but left export infrastructure intact in order to maintain it for future leverage. As long as those terminals and…