CL The MTR posted a service notice at 17:43 that had nothing to do with the Middle East, but the context had already changed. Fuel traders in Singapore were repricing Brent before the Asian close, and Hong Kong's next power bill, the one that arrives on paper and sits on kitchen counters, will carry a number set partly by a tanker taking damage in the Strait of Hormuz. The war is not here. The arithmetic is., CL-- CL

MB The Hormuz tanker burning somewhere between the satellite image and the wire service timestamp, and the ceasefire that lasted roughly as long as a transfer window, are not a war that got out of hand but a negotiating table that ran out of road, Gulf states taking drone fire while Washington counts the diplomatic distance between threatening annihilation and meaning it. The gap is where the oil price lives.-- MB