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WAR UPDATE
The Bab el-Mandeb situation, which yesterday's tease flagged as a watch item, remains a watch item. IRGC-linked media had signalled activation authorisation. No confirmed commercial shipping attacks have materialised as of this morning. That's the accurate read — and it's a different shape from Hormuz.
Hormuz is the active constraint. A leading global ship manager told Reuters this week that vessels currently inside the Gulf cannot leave even if the US and Iran reach a deal, not without specific safety assurances for the transit window. Iraq is moving to expand alternative export routes, which tells you something about how long the market thinks this disruption runs.
The US House passed a war powers resolution 215 to 208 on Wednesday directing Trump to end hostilities with Iran. Four Republicans crossed the aisle. Largely symbolic because the Senate isn't positioned to pass a companion measure. But it signals that domestic political patience on the US side isn't unconditional.
Iran's Foreign Minister said Wednesday that negotiations show no progress, though contact has not been severed. Same news as last week on the diplomatic side. The difference this week is that Kuwait's airport is now in the picture.
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