Hormuz and Bab al-Mandab Disruption, Oil Shock, Sanctions, and Nuclear Verification Failure

Brent is testing $110 amid collapsing Hormuz traffic, reported Yanbu and East-West Pipeline disruption, possible Libya-related losses, insurance and freight spikes, and strained refining capacity. Trump's claim of Iranian outreach and China's call to reopen Hormuz provide diplomatic signals but no verified breakthrough, while sanctions efforts and the IAEA verification gap deepen strategic uncertainty.