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Iran is humiliating the American Madman on a daily basis now.
The Straits of Hormuz are not actually closed. Some oil is flowing, but only if you’re a friend of Tehran.
With exports averaging 1.3 million barrels per day in early March, the majority of the traffic through Hormuz is now Iranian, accounting for approximately 98% of visible flows.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.