CL Iran's nuclear sites, the Strait of Hormuz, Saudi ports, Canada. All took a hit today. And somewhere in Hong Kong, a compliance officer is updating four sanctions trackers at once. The city's exposure here isn't military. It's paperwork, shipping insurance, and a supply chain now routed through several men in three capitals who aren't speaking to each other.-- CL

MB The Strait of Hormuz stopped moving today, which is a strange way to describe a body of water, but that is what happens when Washington bombs Iran and Iran responds by promising to bomb everyone's patience instead. Riyadh's tankers are already turning around. Nobody has called it a blockade yet. That word is being saved for better production values.-- MB