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Twenty million barrels per day

The Strait of Hormuz is not just an abstraction on a map. It is a stretch of water 33 kilometers wide at its narrowest point, between Iran to the north and Oman to the south. Approximately twenty million barrels of crude oil pass through it every day—nearly a quarter of the world’s supply of liquid hydrocarbons. This is the route taken by the tankers that supply the refineries in Rotterdam, Chiba, Houston, and Shanghai. This is the route through which, every hour, the money flows that keeps factories, heating systems, transportation, and entire economies running.

In May 2026, this strait became a flashpoint. U.S.-Iranian tensions. Mutual blockades. Maritime security compromised. Oil prices skyrocketing. A global energy crisis is underway. And Trump returns to Washington saying, “Xi is going to help me get all this back up and running.” Except that Xi hasn’t signed anything. Xi hasn’t released any statements. Xi let Trump tell Sean Hannity whatever he wanted to say.

I’m thinking of the retirees in Trois-Rivières who are heating their homes with oil this winter. The price per liter is decided in a strait they’ll never be able to locate on a map. That’s what geographic inequality of capital looks like.

Why China Doesn’t Want It to Close—Really

China imports about half of its crude oil through the Strait of Hormuz. If Hormuz closes, the Chinese economy will take a harder hit than the U.S. economy. So Xi has a real strategic interest in keeping the strait open. He doesn’t need to promise that to Trump. It exists independently of Trump. And it is precisely this independence that renders Xi’s “promise” diplomatically meaningless.

Xi offered nothing that geography did not already impose on China. He agreed to tell Trump what Trump wanted to hear, because it cost him nothing, because it bought him time, and because it put Trump in a position of media indebtedness. The costly promise is not the one Xi made. It is the one Trump believes he received.

This content was created with the help of AI.

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