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

President Trump’s pendulum swings on Iran have often seemed driven by mood and moment rather than any discernible strategy.

© Doug Mills/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

A Russian tanker seemingly en route to Cuba with a lifeline of fuel has changed direction, a painful development for the island suffering under a U.S. oil blockade.

© Jorge Luis Banos/Associated Press

After three months, the fallout of the closure of the Strait of Hormuz is spreading, with developing countries bearing the brunt of the shortfall.

© Picture Alliance, via Getty Images