UPDATE: CENTCOM confirms U.S. forces have "completely halted economic trade going into and out of Iran by sea" in the first 36 hours of the blockade. IMF Managing Director Georgieva says "20% of oil and gas is still missing from the world economy." The market is focusing on the wrong problem: Everyone’s watching tanker traffic through the Strait of Hormuz. But the real crisis is production shut-ins. Even if the blockade lifts tomorrow, restarting output takes 4–8 weeks minimum. That implies up to 1BILLION barrels of lost supply, replaced only by drawing down global inventories. The global energy system is edging toward a near-term supply crunch.(Coin Bureau)