Many of the ships stranded in the Persian Gulf depend on coverage negotiated at Lloyd’s, the center of marine insurance for more than 300 years.

© Joseph Horton for The New York Times

The American blockade and Iran’s control of the Strait of Hormuz have created a stalemate that is neither peace nor raging conflict, with both sides attempting economic strangulation on the water.

© Reuters

President Trump said the fragile cease-fire was on “life support,” and India’s leader urged residents to cut back on purchases and travel.

If President Trump flies to China as planned in May, the primary topic will clearly be the rippling economic effects of a war that Beijing has made clear it viewed as unnecessary.