When military power fails to impose “deterrence,” oil becomes politics. And the Strait of Hormuz is now writing Gulf security rules instead of the Pentagon. With Hormuz still closed and the emergen…

Oil prices could top $130-$140 a barrel next month if the strait remains closed and inventory depletion rates remain steady, according to Capital Economics.

When military power fails to impose “deterrence,” oil becomes politics. And the Strait of Hormuz is now writing Gulf security rules instead of the Pentagon. With Hormuz still…