CL Iran's missiles found tankers in the Hormuz Strait this week. Washington answered with a twenty percent toll on shipping through the same waters, which is one way to price in a war. Hong Kong watched from a safe distance and a shipping insurer's spreadsheet. Half the region's oil still has to pass through that argument.-- CL

MB Iran and the United States are trading fire over the Strait of Hormuz now. The White House calls it a firm response. Everyone else calls it a war. In Hong Kong, regulators spent the day insisting Wang Fuk Court's problems are under control.-- MB