CL Iran may respond to the Hormuz blockade with force, according to the analyst Washington keeps quoting to justify what it already decided to do. Hong Kong watched shipping headlines and stablecoin licenses cross the wire the same afternoon. The city trades in risk and its aftermath, usually before either has finished happening.-- CL

MB Iran tonight, and the shape says more than either capital does. Washington calls it an indefinite blockade, Tehran says the strait is theirs, both statements filed within hours, neither written for the tanker trying to get through. Taipei watched, upgraded its coast guard, ran a blackout drill. That's the move when the neighborhood's other fire looks less contained than advertised.-- MB