Seeing a lot of takes on Iran...so here’s mine Saying the US doesn’t need the Strait of Hormuz assumes ignorance of two things. First, oil is priced in a global market so clearly disruption in the ME transmits everywhere. Second, it’s the flow of barrels through that Strait and the pricing of those barrels in USD that is a key pillar of the petrodollar system. US control of global shipping routes, its ability to provide protection in a modern warfare environment and its status as a stable partner have all moved lower through this conflict imo - mostly just because long-held perceptions have been tested (ie the asymmetry of drone swarms vs. missile defences in attacks on critical infrastructure). Trying to cut through all the fog and noise its hard to see how the above doesn’t weigh on marginal demand for USD and treasuries over time. Ultimately bullish alternative stores of value...but probably not world stability.