Strait of Hormuz Closure, Jones Act Waiver, and Global Steel Market Pressures

Peak summer is truly upon us. Some things, like the relative paucity of political news, have arrived as they do each year. Other features of the season, like the record temperatures and wildfires across Europe and beyond, distinguish this year from others. Yet it is not just the weather reminding us that this year is far from normal. In the Strait of Hormuz, summer has brought little respite from the new status quo. The waterway remains effectively closed. Amid competing claims – Tehran and Washington both assert control over it –transits are at a mere trickle. According to Kpler, just two ships passed through the Strait of Hormuz on Friday with no crude shipments visible, as Iranian threats continue to deter shippers. Three ADNOC vessels have been hit this week, and they are far from the only ones. US President Donald Trump’s asserted on Thursday that the strait remains under…