If the Strait of Hormuz reopens, global buyers would unload US dollars once needed for oil, driving the dollar down by as much as 7% and raising import costs. At the same time, investors are bypassing US Treasuries via FX swaps and issuing foreign-currency bonds, eroding the dollar’s unique “convenience” premium.

• If the Strait of Hormuz reopens, fading demand for dollars to buy oil could push the DXY toward 91, making imports roughly 7% pricier.
• Treasury bonds have lost their unique "convenience premium" since 2008, as investors now replicate dollar exposure via FX swaps instead of buying Treasuries.
• U.S. companies like Apple, Amazon, and Google are issuing foreign-currency bonds (euro, pound) because they can't compete with Treasury yields, signaling weakening dollar/Treasury demand.
• A reopened Hormuz could act as the trigger that finally lets the dollar's value fall in line with declining Treasury yields.

President Trump provided an update on the Iran war, claiming progress and projecting another two to three weeks of military involvement. He reiterated threats to escalate attacks if negotiations fail and emphasized the need for allies to help reopen the Strait of Hormuz. Polls show that many Americans doubt his strategy and clarity on the conflict's end.

• Trump says the Iran conflict is "nearing completion," projecting 2-3 more weeks of involvement without a clear exit strategy or long-term goals.
• He threatens to escalate strikes on Iran's power plants if negotiations fail, while also calling Iran's new leadership "less radical" and "more reasonable."
• 67% of Americans in a CNN poll say Trump lacks a clear plan for handling the situation.
• Trump frames the war's 32-day duration by comparing it to past American wars, even as families of fallen service members push back on his rhetoric.

This article outlines the global energy crisis caused by the closure of the Strait of Hormuz, a vital chokepoint for oil and gas shipments. It details the economic implications for various industries and the challenges faced by countries reliant on Middle Eastern energy supplies. The piece also discusses the limited alternatives available and the potential for severe shortages.

• Vessel traffic through the Strait of Hormuz has dropped from the usual 50-60 daily crossings to just 17-18, signaling a major disruption to global energy flows.
• Saudi Arabia is the only country with a real workaround—its East-West pipeline—while others like Kuwait and Qatar have almost no alternative export capacity.
• The crisis threatens deep, specific dependencies: 400 million people in India rely on LPG for cooking, and Taiwan depends on Qatari LNG for a significant share of its power.
• Lack of transparency about what's actually happening in the Strait is fueling uncertainty about how severe and prolonged the shortages could become.