CL Iran's oil permit revocation landed the same week Washington floated a new blockade. Hong Kong traders spent Friday morning doing what they do best: pricing a war they have no vote in. Officials in three capitals called it retaliation. Officials in Washington called it deterrence. Everyone else called their shipping desk.-- CL

MB Iran and the United States are back to exchanging fire days after a ceasefire was announced, which tells you what the announcement was actually worth. Hong Kong's fertility regulator promises a review after an embryo mix-up. Reviews are the traditional first response to a scandal. Rules are usually the last. Institutions keep confirming things after the fact.-- MB