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The Lead: Football's Global IconsFootball is a great leveller. Not everyone goes to a school with a rugby pitch and not everyone can afford a pony. However, from the favelas of Rio de Janeiro and the slums of Nairobi to the playgrounds of Monaco and Beverly Hills, you will see children kicking a football about.Arguments over the greatest 10 World Cup heroes have kept friends debating into the small hours for decades. Such arguments will continue for as long as football is played. But here, before the FIFA World Cup 2026, are the 10 we think have been the best:The Legends: Ranking World Cup Greats10. Zinedine ZidaneOne of the greatest and most controversial players of the game, Zidane won the 1998 World Cup for France at home, scoring twice in the final. Injuries kept him largely out of France's short-lived 2002 World Cup campaign, but he went on to be named player of the tournament at the 2006 edition – despite the infamous head butt that sent him off in the final against Italy. Thousands of fans lined the streets of Paris chanting Zidane's name when the team returned home.Having scored 31 goals in 108 matches for France, his talismanic leadership shaped the national team into something much greater than the sum of its parts. As a coach, he went on to win three Champions League titles and La Liga twice with Real Madrid.9. Jimmy GreavesNot even the great Bobby Moore, whose statue greets supporters arriving at Wembley Stadium, was as loved by English fans as Jimmy Greaves. Already a star at home, Greaves gained international recognition after rescuing a pitch-invading dog that had evaded the Brazilian greats during England's 1962 World Cup quarterfinal. Brazil's Garrincha took the dog home, and Greaves became known in Brazil as "Garrincha's dog-catcher".Greaves was part of the 1966 World Cup-winning squad, but a savage injury inflicted by France's Joseph Bonnel that required 14 stitches kept Greaves out of the final. Greaves scored six hat-tricks in an England shirt, a record that still stands. The 1966 campaign continues to be a focal point of English identity, the squad universally adored, and Greaves became a broadcaster, welcomed into the nation's living rooms for decades.8. Ferenc PuskasPuskas was captain of the Mighty Magyars, Hungary's golden team, which flourished under the influence of Jimmy Hogan's Total Football. He scored 84 goals in 85 matches for Hungary and made four appearances for Spain. Hungary were so dominant under Puskas that the 1954 World Cup final was the only game they lost in the entire decade.He scored 702 goals from 705 career games. The giant of European football was a vocal supporter of the 1956 Hungarian Revolution and defected to Spain while on tour after the Soviet army killed 2,500 of his countrymen while crushing the uprising. He returned to Hungary after the collapse of communism and remains worshipped by Hungarians.7. Lothar MatthausGermany's most-capped player, Matthaus scored 23 goals in 150 international matches. A box-to-box midfielder, he featured in five World Cups, helping West Germany win the 1990 edition. The only German to be named FIFA World Player of the Year, Matthaus holds the record for most World Cup games (25). His natural leadership gave him a commanding presence on the field, and his technical ability combined with his tactical awareness gave him an unstoppable dominance on the pitch.The bullish Diego Maradona called him the toughest opponent he ever faced.6. Miroslav KloseIt's rare that you get prizes just for being a good guy, but Germany's record goal scorer, the somersaulting Miroslav Klose, has a handful of them. With a career hallmarked by fair play and decency – he famously refused to accept a penalty awarded to him during a club match because he knew the referee was mistaken – Klose scored in four World Cups, finally lifting the trophy in 2014.A physical powerhouse of a forward, his stature belied his speed. He scored 71 goals in 137 matches in a German jersey. He also scored 16 World Cup goals. No one has ever scored more. He was prolific, and a good guy.5. Ronaldo"The Phenomenon" reinvented the role of striker while playing for Brazil in 98 matches and scoring 62 goals. He lifted the 1994 World Cup trophy at the age of just 17. Four years later, he was named Player of the Tournament after steering Brazil into the final, only to suffer a convulsive fit just hours before the game. He scored twice in the 2002 World Cup final to add to his six in the competition earlier, once more lifting the trophy.A fourth World Cup appearance saw Ronaldo score a then-record-breaking 15th World Cup goal. But it was the way in which he did it that set the world on fire: speed, control, vision, total mastery of the ball, explosive runs, juggling the ball past defenders with acrobatic flicks and tricks, and the goals.4. Franz BeckenbauerNo compilation of World Cup heroes could omit Franz Beckenbauer, one of only three men – along with Didier Deschamps and Mario Zagallo – to lift the World Cup trophy both as a player and a manager. Despite playing as a defender, Beckenbauer scored 14 goals in his 103 appearances for West Germany, captaining the 1974 winning side.After playing in the 1966 World Cup final loss to England, he got revenge four years later, scoring a searing goal to knock the English out and send West Germany to the semifinal. But three World Cup appearances weren't enough for him, and as Germany marched towards unification and a new era, Beckenbauer guided the national team as manager to win the 1990 World Cup.3. Johan CruyffThe three-time Ballon d'Or winner, one of the most influential figures in the sporting philosophy of Total Football, brought a new level of sophistication to the game. Football for Cruyff wasn't just an athletic sport but a blending of mind, body and artistry – an exercise in simplicity and beauty.A creative playmaker with a unique understanding of the geometry of players' pitch positions, he led his team like the conductor of an orchestra. The Netherlands never lost a game in which he scored. And he scored a lot – 33 goals in 48 international matches. Cruyff led the Netherlands to the final of the 1974 World Cup, scoring twice against Argentina and knocking out then-champions Brazil. It was only the defensive heroics of Franz Beckenbauer that frustrated Cruyff's efforts on goal and kept the Dutchman from lifting the trophy.2. Diego MaradonaThe drug-addled "Golden Boy" is widely regarded as one of the greatest players in the history of football. His 60-metre (66-yard) dribble past five England players in the 1986 World Cup quarterfinal led to the "goal of the century", yet its mastery followed the sport's most famous unpenalised handball – the goal that became known as "the hand of God".That game epitomised the two sides of Maradona: the raw, prodigious talent of the Argentinian captain mixed with an absolute disregard for rules, the shameless arrogance of a genius and the belief that one's innate talent sets you apart from – and above – the mere mortals around you. Argentina went on to win the 1986 World Cup, 10 years after Maradona had made his first appearance for the national side aged just 16.1. PeleHas there ever been a more successful football icon than Brazil's Pele? In 1958, when he scored his first World Cup goal – the result of a scuffed mishit that ended Wales's World Cup dreams for the following seven decades – could anyone have known the giant he was to become?With either foot, Pele could produce the sort of magic that inspired generations. Off the pitch, as one of the first truly global Black sports superstars, his outspoken support for improving the lives of the poor made him a national hero. Pele lifted the World Cup three times: 1958, 1962 and 1970. He remains Brazil's leading goal scorer with 77 goals in 92 games. He was so famous, so beloved all around the world that in 1969, both sides in Nigeria's civil war agreed to a ceasefire so they could watch Pele play in an exhibition match in Lagos.The Legacy: World Cup Impact on National IdentityPerhaps the way in which football stars have often escaped humble origins to shine in the sport allows the very best to become icons on and off the pitch and truly become heroes of nations. For many countries, World Cup success has become intertwined with national identity, with players elevated to almost mythical status for their contributions to the sport and their country's prestige on the world stage.The Evolution: Changing Standards of GreatnessAs the World Cup has evolved over decades, so too have the standards by which we measure greatness. Early World Cup heroes were often celebrated for their technical skill and leadership, while modern players are increasingly judged by their statistics, consistency across tournaments, and ability to perform under pressure. The rise of data analytics in football has added new dimensions to the debate about what constitutes greatness in the World Cup context.The Future: Who Will Join the Pantheon?As we approach the 2026 World Cup, the question remains: who will join this pantheon of greats? With players like Lionel Messi already having cemented their legacy, and emerging talents like Kylian Mbappé showing signs of greatness, the debate will continue to evolve. The World Cup has always been a stage where legends are made, and the 2026 tournament promises to be no exception.

WiseTech has started notifying staff of redundancies linked to an AI transformation, but an internal email to its China team omitted the term “AI”, replacing it with “global transformation”. Employees have been waiting nearly three months for clarity as the company prepares to cut roughly 2,000 jobs.Redundancy Rollout Tied to AI TransformationThe logistics‑software firm announced in late February that it would eliminate almost 30% of its 7,000‑strong global workforce across 40 countries. The process began in South Korea and Mexico and is slated to start in Australia next week.Announcement: late February 2026Targeted cuts: ~2,000 jobs (30% of staff)Countries affected: 40Numbers Behind the CutsThe scale of the layoff represents the single largest workforce reduction in WiseTech’s history. With a headcount of 7,000, a 30% reduction translates to 2,000 positions being eliminated.Legal Nuances Prompting the China Email ChangeStaff in the internal WiseTech Global Teams chat noted that the Chinese version of the redundancy email swapped “AI transformation” for “global transformation” and omitted the explanatory line about AI. Employees asked CEO Zubin Appoo why the wording was altered, referencing a recent Chinese court ruling that awarded a dismissed worker A$53,000 after being replaced by AI.Appoo replied that ‘different jurisdictions have different legal and regulatory requirements’, suggesting the omission was a precautionary legal measure.Employee Morale and Union ResponseMonths of uncertainty have left staff “anxious” and “sad”, with morale described as low. The union Professionals Australia received a petition signed by nearly 600 employees demanding transparent consultation and fair redundancy packages. Union membership among technical staff has risen by over 30% in eight weeks.What Lies Ahead for WiseTech’s WorkforceWith the redundancy process expanding to additional regions, employees await clearer guidance on severance, future roles, and the company’s AI strategy. The legal sensitivity demonstrated in China may shape how WiseTech communicates future workforce changes globally.

OpenAI has reported a major advance in AI reasoning after its model successfully challenged an 80‑year‑old conjecture in discrete geometry, the planar unit distance problem first posed by Paul Erdős in 1946.OpenAI’s Model Cracks the 80‑Year‑Old Planar Unit Distance ConjectureThe conjecture suggested that the number of equal‑distance dot pairs on a plane grows only slightly faster than the number of dots.OpenAI's reasoning system generated a family of point arrangements that exceed Erdős’s proposed limit.The result was announced on X and confirmed in a companion paper co‑authored by mathematician Thomas Bloom.Quantifying the Breakthrough: No Monetary Figures, but Scientific SignificanceWhile the article provides no financial data, the achievement is described as a “milestone in AI mathematics” by Tim Gowers.The validation by experts underscores the credibility of AI‑generated proofs, contrasting with a prior, unverified claim from last year.Implications for AI‑Driven Mathematical ResearchThe model’s ability to explore unconventional solution paths highlights AI’s potential to augment human intuition.Researchers, including Andrew Rogoyski, note that AI is becoming a fundamental tool for future scientific inquiry.The breakthrough may accelerate AI involvement in other open problems across mathematics.What the Next Steps Could Mean for AI and MathematicsFurther collaboration between AI systems and mathematicians is expected to refine the new constructions and explore their consequences.OpenAI’s upcoming IPO could bring additional resources to expand its reasoning capabilities.The community anticipates more AI‑driven insights that could eventually resolve the broader Erdős problems.

The Diplomatic Implication President Donald Trump has twice suggested, since his summit with China’s President Xi Jinping in Beijing last week, that he may speak with Taiwan’s President William Lai Ching-te. That would mark the first direct contact between leaders of the governments since the US switched diplomatic recognition from Taipei to Beijing in 1979. It remains committed, however, under the 1979 Taiwan Relations Act to supporting the defence of the self-governing democracy. Taiwan's Response In a foreign affairs ministry statement on Wednesday, Taiwan’s President responded to Trump’s comments, saying he would be “happy” to talk to him. Taiwan was committed to maintaining a stable status quo in the Taiwan Strait, he added, but “China is the disruptor of peace and stability”. Beijing regards Taiwan as part of Chinese territory. The Data Analysis The statement comes as the White House considers a $14bn arms deal with Taiwan. China’s foreign ministry responded saying it “firmly opposes official exchanges” between the US and Taiwan, as well as US arms sales to the island. The Impact Analysis Trump’s comments suggest he may be willing to break with decades of diplomatic protocol, which will likely jar with Beijing, say analysts. Based on past events, Beijing will not be happy if Trump does meet with or talk to Taiwan’s president. When the former US House Speaker Nancy Pelosi visited Taiwan in 2022, her two-day visit sparked heightened tensions between the two countries. The Prediction Analysts say that included in its response is an awareness in Beijing that Trump is unreliable and unpredictable. If Trump calls Lai and announces that the US will “continue to support Taiwan and provide a large arms package; all hell will break loose”. However, he said, the very fact that Trump even entertained the idea of speaking with Xi about whether the United States would sell weapons to certain countries was a win for Beijing.

The Lead: First Presidential-Level Nuclear Monitoring Russian President Vladimir Putin and Belarusian President Alexander Lukashenko have taken part via video conference in a joint nuclear forces exercise, marking the first time the two leaders have directly participated in such a training event. While senior military officials from both countries have conducted similar exercises quarterly, this direct presidential involvement signals heightened attention to the nuclear capabilities of the Russia-Belarus alliance. The Strategic Exercise: Expanding Nuclear Capabilities Opening the meeting held via videolink and broadcast live on the Kremlin's website, Putin stressed that the use of nuclear weapons remains "an extreme and exceptional measure for ensuring the national security" of the two countries. "Today, as part of the exercises, we are conducting the first joint training of the armies of Russia and Belarus on managing strategic and tactical nuclear forces," he said. At the same time, the Russian leader said the Russian-Belarusian nuclear triad – which are nuclear weapons capable of being deployed by land, sea and air – must continue to serve as "a reliable guarantor of the sovereignty of the Union State of Russia and Belarus" amid rising global tensions and emerging threats. According to Putin, the drills are aimed at practising coordination and interaction between military officials in the event of nuclear weapons use, including weapons deployed on the territory of Belarus. The Military Capabilities: Advanced Weapon Systems Demonstrated Russia's Ministry of Defence said in a statement that its forces launched a Yars ballistic missile and a Zircon hypersonic missile as part of missile tests during the nuclear drills. According to the ministry, the crew of a nuclear-powered submarine launched a Sineva intercontinental ballistic missile from a submerged position as part of the drills. The Russian military also conducted a launch of a Yars intercontinental ballistic missile from the Plesetsk Cosmodrome towards a testing range in Russia's Kamchatka region. In Belarus, a combat crew of the Belarusian armed forces carried out a practical launch of a ballistic missile from an Iskander-M missile system at the Kapustin Yar testing range, the ministry said. The exercises also involved Tu-95MS strategic bombers, which launched hypersonic air-launched cruise missiles, while a MiG-31 aircraft carried out a launch of a Kinzhal hypersonic missile, according to the statement. The Regional Impact: Heightened Security Measures The joint drills held from Tuesday to Thursday were met with concern from Ukraine and its NATO allies. Kyiv has repeatedly accused Moscow of planning to launch a new attack from Belarus, either on its territory or one of its NATO allies, such as neighbouring Baltic states. Ukraine's Security Service (SBU) said on Thursday that its units and the army were "carrying out a comprehensive set of enhanced security measures in the northern regions of our country" bordering Belarus. The measures – including stepped up checks of individuals and properties – "will serve as an effective deterrent to any aggressive actions or operations by the enemy and its ally", the SBU said in a statement. Separately on Thursday, a Ukrainian drone attack on a town in Russia's Bryansk border region killed three rail workers when it hit a locomotive at a station, Russia's state RZhD rail network said. Russian border towns and villages regularly come under Ukrainian fire as Moscow's offensive against Ukraine has dragged on into a fifth year. The International Response: NATO Convenes Amid Tensions NATO foreign ministers were scheduled to meet in Helsingborg, Sweden, on Thursday and Friday to discuss how to ensure that support for Ukraine remains substantial and sustainable for the long term. The meeting comes as Russia's military actions in Ukraine continue and as concerns grow about the expansion of military exercises involving nuclear capabilities. Earlier this week, Ukraine launched what Russian officials described as one of the largest drone barrages of the war towards Moscow, killing at least five people. These reciprocal military actions demonstrate the escalating tensions in the region and the increasing risk of broader conflict.

The Lead: One Nation's Standalone Climate Denial As the populist right-wing One Nation party gains momentum in Australian polls, it maintains a firm stance against decades of climate science evidence showing the planet and Australia are warming. The party claims to be the only political force in Australia questioning climate science, but experts say this position is not only scientifically baseless but increasingly out of step with global trends in climate misinformation. The Event Details: One Nation's Climate Contradictions One Nation's position on climate change is rooted in denial and conspiracy theories, despite overwhelming scientific evidence. The party's energy and climate policies have previously been literal cut-and-pastes from the now-defunct climate denial group the Galileo Movement. Currently, One Nation rejects the scientific consensus that the planet and Australia are warming, claiming extreme weather was more prevalent before 1960—a position climate scientists have compared to believing the Earth is flat. The party also wants Australia to leave the Paris Agreement and would push to close down the federal climate change department "and all related agencies, regulations and programs." They proudly declare: "We are the only political party to question climate science." The Data Analysis: Australia's Unequivocal Warming Trend Despite One Nation's claims, Australia has experienced significant warming since 1910. The Bureau of Meteorology's official long-term climate dataset shows Australia has warmed by 1.5°C since 1910. Temperature readings before this period are not included in the official dataset because they were often taken with non-standardized equipment, making them less reliable. Research into pre-1910 temperature records shows temperatures from 1860 to 1909 were similar to those from 1910 to 1959. Since 1960, both maximum and minimum temperatures have risen significantly. The independent Berkeley Earth group's analysis of historical temperature data confirms Australia has warmed substantially since the 1880s. One Nation points to a single weather station in Newcastle (Nobby's) to claim no pattern of warming exists—a classic example of cherry-picking data while ignoring the broader evidence showing temperatures are warming across Australia. The Impact Analysis: Political Consequences of Climate Denial One Nation's climate denial positions have significant political implications in Australia. Research from CSIRO a decade ago suggested that views on climate change can be influenced by how a person votes, rather than the other way around. This means votes for One Nation could lead more people to reject established climate science. Dr. John Cook, an expert on climate science denial, notes that One Nation is "not only out of touch with the scientific evidence, they're even out of touch with the rest of the climate denial community." Over the past decade, climate misinformation has transitioned from science denial to attacking climate solutions, as the scientific evidence for human-caused global warming has become undeniable. Prof. Sarah Perkins-Kirkpatrick, a climate scientist at Australian National University, emphasizes: "There's a wealth of evidence that extreme heat events are increasing worldwide since the 1950s. We see increased intensity of droughts and heatwaves and the intensity of tropical cyclones is increasing." The Prediction: Future of Climate Politics in Australia As climate impacts worsen in Australia—with more frequent and intense heatwaves, bushfires, and extreme weather events—One Nation's climate denial stance may become increasingly untenable politically. The party's net zero conspiracies, including claims that climate action is part of a plot to create a "socialist Australia," are based on misinformation and misrepresentations of statements by figures like former World Economic Forum chair Klaus Schwab. One Nation's assertions that renewable energy is causing electricity price increases are also contradicted by experts. Research from CSIRO suggests that if 82% of Australia's electricity came from renewables backed by storage, the cost of generation would be a third less than current prices. The real drivers of rising electricity costs are aging infrastructure and rising international gas prices, not the transition to renewables. As Australia faces increasing climate impacts, political parties that reject established climate science may find themselves increasingly isolated, both scientifically and politically. The future of Australian climate politics may depend on how mainstream parties respond to One Nation's misinformation and whether they can effectively communicate the scientific consensus on climate change.

The Paris Court of Appeal ruled Thursday that Airbus and Air France are "solely and entirely responsible" for the June 1, 2009 crash of flight AF447, marking the first manslaughter conviction in the tragedy that claimed 228 lives. The Paris Court of Appeal Convicts Airbus and Air France of Manslaughter The court ordered each victim’s family to receive 225,000 euros (approximately $261,720), the maximum corporate manslaughter fine under French law. While the amount is largely symbolic, the judgment reverses a 2023 lower‑court acquittal and re‑opens the legal battle over responsibility for the disaster. Financial Penalties and Compensation Calculations Fine per victim: €225,000 Total potential payout: €51.3 million (≈ $59 million) for all 228 victims Legal costs: Not disclosed, but both companies face extensive appeal expenses Implications for Aviation Safety Oversight and Corporate Liability The ruling underscores growing pressure on manufacturers and airlines to address known technical flaws—specifically the pitot‑tube sensor issues that contributed to the crash. Prosecutors, led by Rodolphe Juy‑Birmann, argued that both firms were aware of the defect yet failed to mandate high‑altitude training for pilots. Industry observers warn that the decision could trigger stricter regulatory scrutiny across Europe, prompting airlines to reassess training programs and sensor‑replacement schedules. Potential Appeals and Industry Repercussions Ahead Airbus announced it will appeal to France’s highest court, contending that the finding contradicts the 2023 acquittal. An appeal could extend the legal saga for years, keeping the case in the public eye and influencing future litigation strategies for aerospace firms. Should the conviction stand, it may set a precedent for holding manufacturers criminally liable in aviation accidents, potentially reshaping insurance models and prompting more proactive safety investments. Timeline of Key Events June 1 2009 – Flight AF447 disappears over the Atlantic, killing 228 people. 2011‑2015 – Deep‑sea search recovers black boxes; investigations reveal pitot‑tube malfunction. April 2023 – Lower court acquits Airbus and Air France of manslaughter. May 21 2026 – Paris Court of Appeal convicts both companies and imposes fines.

Executive SummaryThe government has found no evidence that a formal security vetting or due‑diligence process was undertaken for Prince Andrew when he was appointed UK trade envoy in 2001. The revelation follows a Liberal Democrat parliamentary request for historic documents and revives scrutiny over royal participation in sensitive diplomatic posts.Absence of Formal Vetting in Prince Andrew’s Trade Envoy AppointmentHistoric paperwork released by the Department for International Trade shows that the appointment was driven by Queen Elizabeth II’s personal wish, conveyed in a memo from David Wright to then‑Foreign Secretary Robin Cook. The memo and subsequent documents contain no reference to any security clearance, background checks, or risk assessments, despite the role granting access to senior government and global business contacts.Document Timeline and Key Figures25 February 2000: Memo from David Wright to Robin Cook cites the Queen’s “wish” for the Duke of York to take the trade envoy role.2001: Prince Andrew formally appointed by Tony Blair as the UK’s special representative for international trade and investment.May 2026: Government publishes 11 documents after a Liberal Democrat humble address demanded disclosure of vetting records and related correspondence.Political and Institutional ImpactThe episode highlights a broader tension between the royal family’s informal diplomatic activities and modern expectations of transparency and security. Critics argue that bypassing standard vetting undermines confidence in the integrity of trade promotion, especially given later allegations linking the envoy to confidential information leaks involving Jeffrey Epstein. The Liberal Democrats’ successful push for document release may set a precedent for future parliamentary scrutiny of royal appointments.Outlook: Calls for Vetting Reform and Royal AccountabilityParliamentary committees are expected to examine whether existing protocols adequately cover unpaid, high‑profile roles occupied by members of the royal family. If reforms are enacted, future appointments could require formal security clearances comparable to those for senior civil servants, reducing the risk of reputational damage and potential breaches of confidential information.

The LeadEleven weeks after the start of the Iran war, the Strait of Hormuz has remained closed to naval traffic, bleeding the global economy far beyond the Gulf. Iran's Islamic Revolutionary Guard Corps (IRGC) maintains an iron grip over this narrow, strategic waterway, while a corresponding United States naval blockade on Iranian ports has failed to reopen it.Before the war began, between 120 and 140 ships travelled through the strait each day, about half of them oil tankers carrying some 20 million barrels of oil between them. Now, only a few vessels whose owners have negotiated with the IRGC are permitted to pass.The Strategic Control of HormuzOn Wednesday, Iran said it coordinated the transit of 26 vessels through the Strait of Hormuz in 24 hours, two days after announcing the formation of the Persian Gulf Strait Authority (PGSA), a new body to provide "real-time updates" on operations in the strait.Since the announcement of a temporary ceasefire between the US and Iran in April, Iran has been working on formalising a mechanism to charge a transit fee from ships crossing the critical chokepoint, through which 20 percent of the world's oil and liquefied natural gas (LNG) are shipped during peacetime.Tehran has reportedly already charged fees as high as $2m per ship for transit since the war started. Even though countries opposing Tehran say this is illegal, it may still be less expensive than the overall cost of the closure of the strait each day.The Economic Cost of BlockadeNearly one-fifth of global oil and LNG exports were shipped by Gulf producers through the Strait of Hormuz before the US and Israel bombed Iran on February 28, triggering the Iranian closure of the waterway. The strait is the only waterway linking Gulf producers to the open ocean – there is no other route through which they can ship exports.About 20.3 million barrels per day of oil passed through the Strait of Hormuz in peacetime – nearly 27 percent of global maritime oil trade. The lion's share of that crude went to Asian markets.Global LNG trade has been similarly hard hit. On the day before the war broke out, Brent crude – the global benchmark for oil prices – closed at $72.48 per barrel. After Iran closed the waterway on March 4 and began attacks on vessels attempting to sail through, traffic came to a standstill, stranding about 2,000 ships on either side of the strait.In terms of lost oil revenues, this amounts to $114.8bn of losses per day. About 10 billion cubic feet of LNG per day also used to pass through the strait, worth a further $7.8bn.The Cost-Benefit Analysis of Transit FeesFor hundreds of ships stranded in the Gulf with thousands of sailors on board, the cost of remaining anchored is steep, including crew wages, loan repayments, repair and management, coupled with inflated war risk premiums.In turn, Iran has reportedly been charging up to $2m for authorisation to pass. Experts say many will see this as worthwhile purely in terms of monetary cost."There is no doubt that paying Iran is cheaper than a continuous blockade because a sitting tanker bleeds money," said Nader Habibi, an Iranian American economist."It makes sense from an economic point of view, but it is not politically feasible," he added. "The companies are under pressure from the US sanctions and not to make arrangements with Iran. This is not just a purely economic cost-benefit analysis, but long-term considerations that are taken into account."International Legal PerspectivesInternational law protects free transit through strategic waters such as natural straits like Hormuz, barring countries from imposing passage tolls even where the waterways fall entirely into territorial waters, like in the case of Hormuz.However, services such as security controls, inspections and insurance regimes can be charged for. Chargeable fees also partly depend on whether a waterway is a man-made passageway or a natural one.These are three different precedents in maritime traffic flow:Panama Canal: An artificial waterway connecting the Atlantic and Pacific oceans. Vessels pass through a unique system of locks that raise and lower vessels across elevated terrain. Since Panama built, maintains and operates the canal, it can charge transit fees based on vessel size, cargo capacity and booking priority. These range from several hundred thousand dollars per transit to some slots sold for millions of dollars.Suez Canal: Another artificial canal, linking the Mediterranean and Red seas. Egypt charges transit fees for the use of canal infrastructure, maintenance and traffic management services through the narrow waterway. Container ships and oil tankers pay from several hundred thousand dollars to more than one million dollars per voyage.Turkiye's Bosporus Strait and Dardanelles: These are different because they are natural straits, rather than man-made canals. Turkiye charges for navigation-related services such as lighthouse operations, rescue readiness, medical support and traffic management – and tightly controls ship scheduling and navigation.Regional Cooperation PossibilitiesIran's newly-formed PGSA published a new map of Hormuz, stretching from Kuh-e Mubarak in Iran to south of Fujairah, in the UAE, at the eastern entrance of the strait, and from the tip of Qeshm Island to Umm al-Quwain at the western entrance.Given how the Iran war has spilled over into the Gulf region – with the UAE taking the brunt of Iranian strikes – economist Mohammad Reza Farzanegan said "regional cooperation with Iran is the most realistic path to stable transit through the Strait of Hormuz."The UAE, Oman, Qatar and Iran will have to work together because their economies require it, he argued. A workable arrangement could include a joint maritime authority, shared monitoring, emergency coordination, environmental protection and service-based contributions for maintaining safe passage."This would give Iran a recognised role in the security of the waterway while giving Persian Gulf economies more predictability," Farzanegan added. "Such a framework is also more realistic than relying on external military enforcement, which has been more a source of trouble for these states."The Future OutlookWhile it may seem that the economics of the closure of the strait are currently skewed towards Iran, Aniseh Tabrizi, an associate fellow on the Middle East and North Africa Programme at think tank Chatham House, noted that "the economics by itself is not going to be the driver to change calculation or move from the current standpoint."She emphasized that Iran and the US need to reach a "diplomatic compromise, with other calculations linked in to the economic factor", before there can be an end to the energy supply crisis.Farzanegan added that if the world expects stable access to the Strait of Hormuz, then paying Iran could well be accepted as the price of keeping the vital waterway predictable. "From an economic perspective, a negotiated transit arrangement [with Iran] now makes more sense than continued closure," he concluded.