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Economy May 21, 2026

The Economics of Hormuz: Calculating the Cost of Iran's Transit Toll

As the Strait of Hormuz remains closed eleven weeks into the Iran war, this analysis examines wheth…
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.
#Iran #Strait of Hormuz #Oil Prices
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Entertainment May 21, 2026

‘Care’ Review – A Searing Portrait of Dementia Demands Rethink of Elder Care

Alexander Zeldin’s new play ‘Care’ at the Young Vic delivers an unflinching look at life in a demen…
Alexander Zeldin’s latest work, ‘Care’, opens at the Young Vic and immediately immerses the audience in a locked‑down dementia ward where the invisible lives of the elderly surface with stark clarity. Through characters such as Joan (played by Linda Bassett) and the compassionate carer Hazel (Llewella Gideon), the play interrogates autonomy, love, and institutional neglect.Zeldin’s ‘Care’ Puts Dementia Front‑and‑Centre on the Young Vic StageThe opening scene captures Joan’s disorientation, while her daughter Lynn (Rosie Cavaliero) and grieving sons struggle to bridge the widening emotional gap. Supporting residents—Agnes, Paula, and the Beckett‑like John—populate the ward with fragmented memories that oscillate between humor and profound sorrow. Set designer Rosanna Vize creates a dank, institutional atmosphere that underscores the play’s thematic weight.Critical Reception and Audience ResponseCritics praise the “gruelling, intense and true” performances, especially Bassett’s portrayal of a woman clinging to fleeting autonomy.Audience reactions range from uneasy laughter at confused dialogue to palpable silence during the hug between Joan and John, highlighting the play’s emotional volatility.The production runs until 11 July, indicating strong box‑office demand for a socially charged drama.Why ‘Care’ Challenges Societal Views on Elder CareBeyond personal stories, the play subtly exposes systemic issues: chronic understaffing, the slow passage of days, and the emotional toll on both residents and carers. By juxtaposing moments of accidental humour with stark loneliness, Zeldin forces a reassessment of how society values its oldest members and the responsibility of care institutions.Future Outlook: Dementia Stories on the British Stage‘Care’ may signal a shift toward more honest, medically informed narratives about ageing in theatre, encouraging playwrights to tackle dementia without sentimentality. As audiences respond to its raw honesty, producers are likely to commission further works that blend artistic expression with social advocacy, potentially influencing policy discussions around elder care.
#Alexander Zeldin #Young Vic #Linda Bassett
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Politics May 21, 2026

Rachel Reeves Stands Firm on Good Manners After Foul-Mouthed Heckling

UK Chancellor Rachel Reeves faced a foul-mouthed heckler at a Leeds petrol station but responded by…
The Chancellor's Composure Amidst Political HecklingDuring a broadcast interview at a Leeds petrol station where she announced the scrapping of a planned fuel duty rise, Chancellor Rachel Reeves demonstrated remarkable composure when confronted by a foul-mouthed heckler. The incident, which quickly gained attention across political divides, showcased Reeves' commitment to maintaining civility in public discourse even when faced with aggressive opposition.The Heckling Incident: A Display of Political FrustrationThe heckler, identified as a Reform UK supporter, approached the chancellor while shouting expletives and demanding that Keir Starmer be "fucking out." As he left in his van adorned with St George's flags, he continued his tirade, questioning whether displaying English flags would lead to arrest and repeatedly denouncing the Labour government as "useless." Despite the aggressive nature of the confrontation, Reeves maintained her composure, responding with a firm but measured statement about the importance of good manners in British society.Unexpected Political Alliances Form Around DecorumWhat made this incident particularly noteworthy was the unexpected cross-party agreement on the importance of civil discourse. Conservative politicians including shadow chancellor Mel Stride and Tory peer Daniel Hannan publicly defended Reeves' response, emphasizing that political discourse should remain civil and polite. Stride specifically stated that "civility matters in politics and if we stop policing the boundaries, things slide very quickly," while Hannan commended Reeves for not tolerating such behavior.Political Divides Emerge Over Heckler's BehaviorThe incident highlighted deepening political divides, with Reform UK members taking a markedly different stance. Party leader Nigel Farage appeared to endorse the heckler's behavior, posting on social media that he'd "like to buy this man a pint" and asking how to find him. Reform spokesperson Robert Jenrick claimed the man "sounds British to me" and criticized Reeves for "rarely leaving her bunker in Westminster." Home affairs spokesperson Zia Yusuf went even further, offering the heckler a peerage for his "outstanding public service."The Future of Political Discourse in BritainThis incident reflects broader tensions in British political discourse, where increasingly aggressive confrontations are becoming more common. The fact that even Conservative politicians are defending the importance of civility suggests a growing concern about the tone of political debate. As the next election approaches, the ability of political leaders to maintain composure while facing public criticism may become an increasingly important factor in how voters perceive their temperament and suitability for office.
#Rachel Reeves #Reform UK #Nigel Farage
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Politics May 21, 2026

The Ethics of the Dying: Tennessee Faces Legal Battle Over Expired Execution Drugs

Tennessee is preparing to execute death row inmate Tony Carruthers despite his legal team's allegat…
The Legal Challenge of Drug ExpirationTennessee is preparing to execute Tony Carruthers, a 57-year-old inmate sentenced to death for the 1994 murders of Marcellos Anderson, Delois Anderson, and Frederick Tucker. However, his legal team has raised a critical alarm: the state may be planning to use expired lethal injection drugs for the procedure scheduled for Thursday. Lawyers twice requested confirmation from the Tennessee Department of Correction (TDOC) regarding the status of the drugs, but the department has remained silent, only stating it will comply with its protocol.Federal Public Defender Amy Harwell warns that expiration dates are not merely administrative; they indicate when a drug can no longer be safely relied upon. In the context of an execution, this could result in a "slow, lingering death" without reliable loss of consciousness, causing the body to shut down painfully and fitfully.A National Crisis in Execution ProtocolsThis case is not an isolated incident but part of a growing trend where states struggle to secure execution drugs, leading to legal battles and procedural failures.Arkansas (2017): The state attempted to execute eight inmates in a single weekend to beat the expiration date on a batch of drugs. Four executions proceeded, but four were granted stays.Idaho (2024): Prison officials failed to check expiration dates before obtaining a death warrant, leading to the return of expired drugs. The state subsequently switched its primary method to firing squad due to these difficulties.South Carolina: Executions were halted for 12 years until a shield law was passed to protect the identity of drug suppliers.The Tennessee PrecedentTennessee has a turbulent history with its execution protocols. In 2022, Oscar Smith was minutes away from execution before Governor Bill Lee issued a surprise reprieve, revealing that the state's drugs were not being properly tested for purity. The state was forced to halt executions for two years. Recently, Byron Black was executed in August 2025, but he reported severe pain, raising further questions about the new protocols.Legal experts argue that the state's refusal to confirm the drug status for Carruthers, compared to previous assurances given to Harold Nichols, suggests a deliberate intent to proceed with expired chemicals.Future Outlook: Secrecy and AlternativesThe Carruthers case highlights a strategic shift in how states handle capital punishment. As public opposition grows and drug supplies dwindle, states are increasingly relying on shield laws to hide supplier information and exploring alternative methods like nitrogen gas or firing squads. If the execution proceeds with expired drugs, it is likely to trigger a wave of litigation challenging the constitutionality of the state's lethal injection process.
#Tony Carruthers #Tennessee #Death Penalty
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Entertainment May 20, 2026

Uncaged+ Review: Antonia Franceschi’s Dance Portrait of Lee Krasner and Jackson Pollock

Guardian critic praises Antonia Franceschi’s new work Uncaged+ for its vivid sketch of painter Lee …
The Evening’s Dual Focus: Franceschi’s Choreography and Krasner’s StoryThe Guardian’s review opens with a clear picture of the night’s two pillars: choreographer Antonia Franceschi, a former NYCB dancer turned artistic director of the New York Theatre Ballet, and the subject of the evening’s most ambitious work, abstract expressionist painter Lee Krasner, whose legacy is often eclipsed by her husband Jackson Pollock.Prophecy in Motion: A Sketch of Lee Krasner’s LifeFranceschi’s piece Prophecy (still a work‑in‑progress) is a dance‑theatre vignette that layers voice‑over excerpts from Krasner’s and Pollock’s own words over sparse, gestural movement. The choreography leans on minimalism, allowing a single hand gesture or a tender head tilt to amplify the emotional weight of the text. The reviewer notes that the work aims to evolve into a full‑length production that charts Krasner’s entire career.Numbers on the Stage: Run Dates and Audience ReachVenue: The Mount Without, BristolRun until: 22 May 2026While ticket‑sale figures are not disclosed, the limited‑run schedule suggests a targeted, high‑impact engagement with regional audiences, positioning the piece as a test‑bed before a broader rollout.Reframing the Narrative of Female Artists in DanceThe review argues that Uncaged+ and Prophecy together challenge the traditional male‑centric mythos of abstract expressionism by foregrounding Krasner’s agency, creative labor, and the domestic constraints she navigated. By juxtaposing her story with Pollock’s larger‑scale myth, the production invites a re‑examination of how dance can reinterpret art‑historical narratives and give voice to previously marginalised figures.Future Prospects: From Sketch to Full‑Length ProductionCritic Roseanna Anderson expresses a strong desire to see the sketch mature into a full‑length work, noting that the current minimalism serves as a compelling proof‑of‑concept. If the piece secures further funding and audience interest, it could become a landmark dance‑theatre exploration of a female artist’s life, potentially touring beyond the UK and influencing future interdisciplinary collaborations.
#Lee Krasner #Jackson Pollock #Antonia Franceschi
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Politics May 20, 2026

Keir Starmer's Labour Party Faces Crisis After Council Election Losses

UK Prime Minister Keir Starmer is facing a major crisis as Labour suffers significant losses in cou…
The Crisis Facing Keir Starmer's Leadership Britain's Prime Minister Keir Starmer is facing the biggest crisis of his leadership after Labour's bruising council election losses caused panic inside the party. As Nigel Farage and Reform UK gain ground, we examine why Starmer's authority appears to be slipping before any formal challenge has even begun and whether Britain is entering another period of political instability. The Impact of Council Election Losses The losses have raised concerns about Starmer's ability to lead the party and maintain stability in British politics. With Reform UK gaining momentum, the situation is becoming increasingly challenging for Starmer. The Future of Labour and UK Politics As the situation continues to unfold, it remains to be seen how Starmer will address the challenges facing his leadership and whether Labour can recover from these losses. One thing is certain, however: the outcome will have significant implications for the future of UK politics. Credits and Connections Kieren Andrieu (@kieran_andrieu), Political Economist Episode credits: This episode was produced by Noor Wazwaz and Sari el-Khalili, with Spencer Cline, Tuleen Barakat, Catherine Nouhan and our host, Malika Bilal. It was edited by Tamara Khandakar. Our sound designer is Alex Roldan. Our video editors are Hisham Abu Salah and Mohannad al-Melhem. Alexandra Locke is The Take's executive producer. Connect with us: @AJEPodcasts on X, Instagram, Facebook, and YouTube
#Keir Starmer #Labour Party #Nigel Farage
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Sports May 20, 2026

Southampton Condemns 'Largest Penalty Ever' After Expulsion From Championship Playoffs

Southampton has been expelled from the Championship playoffs and docked four points after admitting…
The LeadSouthampton has been expelled from the Championship playoffs and docked four points after admitting to spying on opponents' training sessions. The club has condemned the punishment as "manifestly disproportionate" and the largest penalty ever imposed on an English football club, worth an estimated £200m in lost promotion revenue.The Spygate Scandal DetailsAn independent commission imposed the penalty after Southampton admitted three spying charges, including observing a training session of playoff semi-final opponents Middlesbrough earlier this month. The commission also reinstated Middlesbrough for Saturday's final, denying Southampton the chance at promotion to the Premier League.Southampton admitted to spying on training sessions at Oxford in December, Ipswich in April, and Middlesbrough. All three incidents occurred following the appointment of Tonda Eckert as head coach in early December.The Financial Impact AnalysisThe penalty has significant financial implications for Southampton. The lost opportunity for promotion to the Premier League is worth an estimated £200m. According to Southampton's chief executive Phil Parsons, the financial consequence makes it "by a very considerable distance, the largest penalty ever imposed on an English football club."Parsons compared the sanction to previous penalties: Leeds was fined £200,000 for a similar offence, Luton Town's 30-point deduction in 2008-09 was against a club already in League Two with no comparable revenue at stake, and Derby County's 21-point deduction in 2021 cost them their Championship status. Everton's eventual six-point deduction in 2023-24 followed losses of £124.5m, a figure dwarfed by what has been taken from Southampton in a single afternoon.The Impact on Football IntegrityThe sanction "sends out a clear message for the future of our game regarding sporting integrity and conduct," according to Middlesbrough, who had called for Southampton to be thrown out of the playoffs prior to the commission hearing.The case raises questions about the boundaries of competitive advantage in football and the enforcement of sporting integrity. While clubs have always sought to gain any possible edge, the line between legitimate preparation and unethical behavior appears to have been crossed in this instance.The Appeal Process and Future OutlookA league arbitration panel will hear Southampton's appeal on Wednesday afternoon, with an outcome expected to be announced either later in the day or on Thursday. If the appeal is unsuccessful, Middlesbrough will face Hull in the final at 3.30pm. If Southampton are reinstated on appeal, the match would be played at the originally-scheduled time of 4.30pm.Regardless of the appeal outcome, this case is likely to lead to stricter guidelines regarding scouting practices and information gathering in English football. The EFL may review its policies to prevent similar incidents in the future, potentially implementing clearer boundaries for what constitutes acceptable competitive behavior.
#Southampton #Middlesbrough #Championship
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Health May 20, 2026

80% of Ill Health in Old Age Linked to Individual Choices, Study Finds

A recent study suggests that individuals are responsible for at least 80% of their ill health in ol…
The Study's Key Findings Individuals bear at least 80% of the responsibility for their ill health in old age, according to a report aimed at challenging the belief that physical decline is either inevitable or primarily the responsibility of the state. The Role of Lifestyle Choices The report, launched at the Smart Ageing Summit in Oxford, argues that individuals have far greater control over their longevity than is commonly understood. The authors call on the government to take legislative action on alcohol comparable to restrictions on smoking. The Data Analysis The report's authors, including Sir Christopher Ball, Sir Muir Gray, and Prof Denis Noble, present the figure of 80% as a conservative estimate. Some experts, however, have questioned the simplicity of this claim, arguing that it neglects wider societal factors such as poverty, pollution, and healthcare access. The Impact Analysis The study's findings have sparked debate among experts, with some arguing that the report oversimplifies the root causes of poor health. Nancy Krieger, professor of social epidemiology at Harvard TH Chan School of Public Health, noted that the report "problematically avoids engaging with the societal determination of health and health inequities." The Prediction The report's recommendations include avoiding processed foods, abstaining entirely from alcohol, prioritising sleep, not eating after 6.30pm, and cultivating "a not-meat mindset." The authors argue that individuals can make choices to live well longer, regardless of their socioeconomic status.
#Oxford Longevity Project #Sir Christopher Ball #Public Health
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Sports May 20, 2026

For the Win: AMNH Exhibition Turns Sports Trophies into Historical Artifacts

The American Museum of Natural History in New York has opened “For the Win,” an exhibition that sho…
The American Museum of Natural History has launched “For the Win,” a new exhibition that treats championship hardware—rings, medals, trophies—as artifacts of cultural history, offering fans a tangible connection to the moments that define sport. The For the Win Exhibition Marries Sports Lore with Museum Craftsmanship Located in the museum’s dedicated gems and minerals space, the show was timed to the upcoming 2026 World Cup and curated to highlight the artistry behind each piece. Senior adviser Rich Kleinman describes the objects as “artifacts from history,” emphasizing their dual role as symbols of victory and objects of fine workmanship. Historical Highlights: From 1877 NYPD Medal to Owens’s Gold 1877 NYPD Medal of Valor – its interlocking “N” and “Y” inspired the New York Yankees logo. Jesse Owens’s 1936 Berlin Olympic gold medal – later sold for a record $1.4 million at auction. 2024 WNBA champion Breanna Stewart’s diamond‑encrusted ring and matching earrings. Kevin Durant’s 2024 Olympic gold medal and 2017 NBA championship ring (on loan for the exhibit). Joc Pederson’s pearl necklace from the 2021 World Series run. John McEnroe’s 1983 Wimbledon trophy displayed beside a velociraptor skull to underscore the museum’s scientific context. Why Showcasing Trophies Matters for Fans and Culture According to cultural critic Vikki Tobak, trophies act as “proxies for the road to becoming great,” resonating across genres and generations. The exhibition gives fans a “contact high” that they normally only experience during fleeting victory parades, while also preserving the craftsmanship of each piece for future study. Future of Sports Memorabilia in Public Institutions With the World Cup trophy currently touring the United States and other iconic items (such as the Heisman Trophy) remaining tightly guarded, “For the Win” sets a precedent for museums to collaborate with athletes and collectors. The success of this show could inspire similar partnerships, expanding public access to sports heritage and reinforcing the narrative that athletic achievements belong in the historical record.
#American Museum of Natural History #Vikki Tobak #Rich Kleinman
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