Key background
The Strait of Hormuz, a narrow waterway between Iran and Oman, is one of the world’s most strategically important shipping lanes—roughly one-fifth of globally traded oil and a significant share of liquefied natural gas passed through it each day until Iran declared the passage “closed” following attacks from the U.S. and Israel in February. Since then, Tehran has repeatedly threatened or disrupted commercial shipping through the strait in response to U.S. and Israeli military operations, turning the waterway into the central battleground of the conflict. The United States has sought to keep the passage open for international shipping, arguing that freedom of navigation through Hormuz is critical to global commerce and energy security. The fighting has sharply reduced tanker traffic, driven up shipping insurance costs and fueled repeated spikes in global oil prices as markets fear supply disruptions.
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BIG NUMBER
3. That’s how many vessels trying to pass through the Strait of Hormuz have been taken by the Iranians since the start of the war. Two container ships operated by shipping company MSC were seized in April (their ships and crews have reportedly still not been released) and a tanker belonging to Greek shipping magnate and billionaire George Prokopiou was apparently towed into Iranian waters earlier this week.
WHAT TO WATCH FOR
Whether the U.S. can assemble a multinational coalition to escort commercial ships through the Strait of Hormuz, which Dalio says would be “a big win” for the administration.
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FORBES VALUATION
Dalio is the founder of the world’s biggest hedge fund firm, Bridgewater Associates, and has a net worth of about $15.4 billion, ranking him among the 200 richest people in the world.
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further reading
ForbesHedge Fund Billionaire Ray Dalio Warns That Trump Could Unleash Global “Capital Wars.” Here’s What He MeansBy Brandon KochkodinForbes‘Worse Than 2008’—Bitcoin Price Braced As Billionaire Ray Dalio Warns Of ‘Monetary Order Breakdown’By Billy BambroughForbesBillionaire Ray Dalio Will Fund ‘Trump Accounts’ For Children In Connecticut, Bessent SaysBy Zachary Folk