As maritime blockades in Hormuz and the Red Sea spike oil prices to $126 a barrel, the race to control global economic transit corridors reaches a crisis point.
Sunday, August 9, 2026
As maritime blockades in Hormuz and the Red Sea spike oil prices to $126 a barrel, the race to control global economic transit corridors reaches a crisis point.
Beijing activates China Blocking Rules Application to defend Iranian oil imports, challenging U.S. secondary sanctions and sovereign trade rights.