Crude

The Hormuz near-closure has given Iraq a two-month window to reroute crude through Turkey. The outcome will reprice Northern Iraqi differentials and trigger force majeure clauses across the region.

A sharp drop in crude imports from one of the Middle East's biggest Asian buyers puts pressure on the petrodollar flows that fund Gulf tokenization infrastructure.

When a legal exemption lapses, the supply chains built around it do not adjust gradually. They break at once.