The Hormuz Shock Is Not Just Oil

Tankers froze first. Containers are already repricing. Rates are listening. Equities are still hiding in chips.

The Hormuz Shock Is Not Just Oil

The market is trying to turn the Strait of Hormuz into a headline.

That is convenient, but wrong.

Hormuz is not just a line on a map. It is a live transmission channel between shipping risk, oil prices, freight costs, inflation expectations, central-bank pricing, and equity multiples. When that channel slows, the shock does…