geopoliticsFriday, June 19
The reopening of the Strait of Hormuz hasn't ended the global oil crisis. More than a billion barrels of supply went missing during the disruption, and the market is still reeling. Meanwhile, ships are scrambling to clean barnacles before they can move again.
The Strait of Hormuz is open again, but the damage to global oil supply is staggering.
Kpler estimates 1.15 billion barrels of oil supply were lost during the Hormuz closure, leaving the market in a precarious state even after the US-Iran deal.
Hundreds of ships stuck in the Persian Gulf for months now need emergency barnacle cleaning before they can resume cargo operations, creating a niche cleanup industry.
Other fronts in the global power struggle also demand attention today.
G7 leaders at Évian-les-Bains called for joint action against North Korean cybercrime after hackers stole at least $2 billion in 2025, funding weapons programs.
The US Commerce Secretary told ASML that one of its top EUV chip-making machines may have ended up in China, potentially violating export restrictions.
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