All over the world, nations are grappling with the ripple effects of the war in Iran and the blockade of the Strait of Hormuz, a critical artery for the global oil market. In the United States, however, President Donald Trump has emphasized that the country imports little oil through the strait, arguing that it “doesn’t need it.”

Across the business world, companies often double down on struggling ideas, retreating only after clear evidence shows they won’t work.

A recent spectacular example was Meta’s metaverse push. After the organization invested US$80 billion over several years, it announced changes in March 2026 that all but abandoned its grand strategy.

PANAMA CITY (AP) — Businesses have doled out as much as $4 million to move boats through the Panama Canal with the Strait of Hormuz effectively closed, according to the Panama Canal Authority, in a move that has created a seismic shift in global trade flows.

While passage through the waterway usually comes at a flat rate via reservations, companies without reservations can cross by paying an additional fee in an auction for slots, which are awarded to the highest bidder rather than waiting for days off the coast of Panama City.