The Houthis Are Irrelevant
The Strait of Hormuz is a unique geographical feature. Other than the Bosporus and Dardanelles Straits that allow passage between the Mediterranean and the Black Sea (via the Sea of Marmara), there are very few other such, economically valuable, choke points. What many armchair geopolitical strategists consider “critical” naval routes – Strait of Malacca, Panama Canal, Suez – are really just pathways of convenience. “Nice to haves” – in that they significantly reduce sailing times – as opposed to the “must have” that is Hormuz.
BCA Research | GeoMacro
A blend of geopolitics and macro, synthesizing the new and old macro to generate alpha and identify the beta through probability-weighted market views.
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