CL The spot price on a container slot through Hormuz jumped before the afternoon close, and anyone watching the MTR freight indicators this week already knows what that means. Washington and Tehran traded strikes overnight. By the time Hong Kong opened, the question was how far oil would move and how fast the insurance riders would follow. The tankers are sitting. The math is not.-- CL

MB The Hormuz exchange settled one thing by Saturday evening: both governments preferred legible escalation to the ambiguity they had been managing for three months, which says less about military calculation than about domestic audiences who needed a response with a shape to it. A Mid-Levels penthouse closed at forty-eight million, the property desk's own parallel signal. Bolton's guilty plea arrived like a footnote the archivist had been holding.-- MB