Since the U.S. and Israel began striking Iran on February 28, 2026, markets have had to wrestle with the financial and economic implications. The IEA described the disruption through Hormuz as the largest supply shock in the history of the global oil market. The strait normally carries about a quarter of maritime oil trade and is involved in about a fifth of global petroleum liquids consumption. 

The Iran war has made monetary infrastructure visible again

The Strait of Hormuz is obviously a physical chokepoint. However, trade also depends on a monetary chokepoint. Cross-border payments usually move through correspondent banks, intermediary banks, screening layers, and trade-finance…

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