Managed Hormuz Adaptation

Iraq’s state marketer SOMO uses state-backed freight, war-risk cover and naval coordination to keep some Basra crude moving despite attacks near Hormuz. This is the most likely path because Baghdad has strong fiscal pressure to restore exports but private shipowners remain reluctant to take the route without premiums.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.