The Hormuz crisis is not only hitting crude oil and gas, but also container shipping. It is also tightening its grip on global shipping through the fuel tanks of vessels carrying world trade. Disrupted exports, constrained refinery supplies, and increasingly unreliable deliveries are clearly at present pushing the bunker market into a dangerous position. Fuel remains available internationally, but securing the right grade at the right port within a commercially workable window is becoming harder. The consequences will be severe, especially for…