CL The red rainstorm warning came down at 6:14 this morning, and by the time suspension notices reached school group chats, the Hormuz had already closed around one vessel that will not move under its own power again. The Strait handles roughly a fifth of the world's seaborne oil. Tanker crews transiting it this afternoon carried that number with them.-- CL

MB The Hong Kong dollar at a ten-month low while tanker smoke is still on the Hormuz wires is the kind of Friday where the peg becomes a lunch conversation and a negotiation by close. The Supreme Court's back-to-back immigration rulings arrived in the same news cycle as Taiwan's quarantine drills, and communications offices across three governments will spend the weekend explaining the timing is coincidence. The Cisco SD-WAN zero-day had root access for two months before the patch landed. Institutions almost never know first.-- MB