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Something doesn't add up:
Iran just granted Spain safe passage through the Strait of Hormuz. The reason is simple. Spain continues to prohibit the US from using its military bases for operations against Iran.
Iran is now selectively granting and denying access to the most important shipping chokepoint on earth based on political alignment.
This is not a blockade. This is leverage.
Selective passage means selective pricing. The Strait of Hormuz handles 20% of global oil supply.
WTI crude is at $91.74. Brent is at $103.78. Both are up over 30% year over year.
The global shipping order is being rewritten in real time.