Hormuz Is Yesterday’s Crisis. Bab-el-Mandeb Is Tomorrow’s
On Tuesday, three Houthi ballistic missiles slammed into the Tihamah, an Egyptian-owned cargo ship easing through Bab-el-Mandeb's eighteen-mile channel. A fourth missile hit the...
El Tigre, Ceuta, and the Illusion of a Unified Right
On 7 August, Abelardo de la Espriella — a Colombian-Italian-American lawyer nicknamed "El Tigre," whom Donald Trump had called a future "great president" months...
Why the Shadow Fleet’s Baltic Reckoning Won’t Look Like the Mediterranean’s
On August 2nd, Italian commandos rappelled from a helicopter onto the deck of the Toa Payoh, a Russian-linked crude carrier, in the Mediterranean. It...
Missile OPEC: The Physical Ceiling on a Three-Front Strategy
On Monday, as Taiwan entered the final week of its largest-ever Han Kuang war games, a Greek-owned Patriot battery arrived in Saudi Arabia to...
The First Draft Is No Longer Theirs
At roughly 4am on 30 July, a Russian Kh-101 cruise missile came down in farmland near Tarnawa-Kolonia, Poland, after Polish radar lost track of...
The Periodic Table Is a Sanctions Weapon Now
On 23 July, the EU adopted its toughest sanctions package yet against Russian oil and gas revenue — asset freezes on 94 banks, an...
Senate Shelves Crypto Market-Structure Bill, But Wall Street Keeps Buying Bitcoin
The US Senate will not vote on crypto's most consequential piece of pending legislation before lawmakers leave Washington for their August recess, leaving the...
The Insurance Ceasefire
On 21 July, Houthi forces announced a blockade of Saudi Arabian ports. The next day, the spot rate to move a very large crude...
The Gold Was Never About Inflation
On 23 July, the EU adopted its 21st and largest sanctions package against Russia — 218 listings, asset freezes on 94 banks, the first-ever...
One Spreadsheet, Three Crises
On 6 July, the Dutch government summoned the mayors of ten municipalities that had simply refused to open the asylum shelters the law requires...