S&P 500 6,344 ↓ · EUR/USD 1.15 ↑ · Brent $114 ↑ · 10Y UST 4.34% ↓ · Gold $4,526 ↑ · VIX 30.6 ↑
Tehran is converting a military blockade into a tollgate, and the downstream effects – fertiliser shortages, crumbling currencies, bond markets pricing recession – suggest the world is adapting to a new status quo, not waiting for the old one to return.