News Summary

• Before the war, roughly a fifth of the world's oil trade passed through the Strait of Hormuz.
• More than 80% of that cargo was bound for Asia, primarily China, India, Japan, and South Korea.
• Iran announced a new revenue-sharing agreement over the waterway, though a military spokesperson blamed the u.s. for "obstructing this process" "Global oil and gas supply is still a major point of geopolitical leverage," says Saul Kavonic, head of energy research at MST Financial.