The Hormuz crisis is entering month two. Daily transits are still down 90–95%. This week, Iran selectively reopened the strait for seven nations — China, Russia, India, Iraq, Pakistan, Malaysia, and Thailand — under controlled conditions. Humanitarian and fertilizer shipments were cleared Thursday. But for US-allied commercial vessels, the strait remains effectively closed. Brent closed the week above $114. A single Hormuz transit now costs $3.5 to $10 million in war risk ins