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Why it's worth your time

The primary-source account of the chokepoint the whole energy tape is pricing. Congressional Research Service: Iranian attacks have caused a precipitous drop in cross-strait traffic, and the report walks the oil, gas and LNG exposure rather than the headlines. Read it for the structure behind oil at +74.53% over the trailing year and 26.4% above its 200-day, with three ADNOC vessels attacked inside 48 hours this month and the waterway effectively shut since late February. Not a trade — the map you need before any energy or hard-asset positioning makes sense.