The world is not waiting to find out who controls Hormuz. It is building around it.

Goldman Sachs tracked 7 pipeline and export projects now under construction or planned across the Gulf.

1. By end of 2027, over 45% of pre-war Gulf exports could bypass Hormuz entirely.
2. By end of 2028, that rises past 60%.
3. Median Gulf pipeline construction time: 2.5 years, faster for disruption driven projects.

7 to 9 million barrels a day will still need Hormuz no matter what gets built. Qatar's LNG has no alternative route at all.

The era of Hormuz as irreplaceable is ending. It is not ending fast enough to matter this year.

🇺🇸Trump just explained why Kharg Island's oil terminal is still standing after 2 or 3 strikes there.

"Hit everything but the oil. Leave that little area from 25 yards out. Don't touch the oil. Because I don't want that in terms of the world economy."

That is the standing order. Degrade everything around Iran's largest oil export terminal, but leave the actual export infrastructure alone, on purpose.

This is why the blockade has not broken the flat price past 100 yet.
The restraint is deliberate, not accidental.

🇺🇸Trump just outlined the next phase.

💥Iran's power plants and bridges, starting next week.

"We're gonna knock out all their power plants. We're gonna knock out all their bridges."

Every strike so far hit military, naval, or oil infrastructure.

This is the first time the stated target list includes civilian power and transport infrastructure directly.

That is a different kind of war than the one the market has been pricing for a month.