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The Europa League VictoryAston Villa capped off an impressive European campaign by defeating Freiburg 3-0 in the Europa League final, ending a 30-year trophy drought for the club. The victory marked Unai Emery's fifth success in the competition with three different teams, each containing 'villa' in their names. The Spanish manager, who was paraded on the shoulders of Emi Martínez at full time, emphasized that this triumph is just a platform for future success.The Celebration ChallengeWhile the team celebrates their historic victory with a parade in Birmingham, they face the immediate challenge of recovering in time for their crucial Premier League match against Manchester City. Players like Matty Cash acknowledged the need for celebration but also recognized the importance of the upcoming fixture. With Champions League qualification potentially at stake, Villa must quickly transition from party mode to competitive focus.The City TestAston Villa's match against Manchester City represents more than just a regular season finale. A loss could jeopardize their Champions League qualification if other results go against them. The article suggests that while Bournemouth and Brighton might hope Villa will be distracted by their celebrations, Emery's team is expected to maintain the self-discipline required to face one of the Premier League's best teams.Emery's European MasterclassUnai Emery continues to establish himself as Europe's premier cup specialist, adding another Europa League title to his impressive resume. His ability to navigate teams through European competitions has been remarkable, with this victory coming just months after also achieving promotion with Real Union in Spain. The article highlights his humility despite the success, framing the trophy as part of a broader progression for the club.The Aftermath and Looking AheadThe article concludes by emphasizing the significance of Villa's achievement in the context of their recent history. After a 30-year wait, the Europa League win represents a major milestone. However, the immediate focus shifts to maintaining momentum in the Premier League and building on this European success in the seasons to come.

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.

The Historic Correction of UK Net MigrationLong-term net migration to the United Kingdom has experienced a drastic correction, plummeting to 171,000 in 2025. This reduction marks a significant shift away from the record highs seen in 2023, driven by a concerted effort by the government to tighten border controls and restore political stability.The Policy Pivot: From Liberalization to RestrictionThe sharp decline is not accidental but the result of a deliberate strategy implemented since 2024. The government has moved to ban most international students from bringing dependents and raised the salary thresholds for skilled worker visas. Furthermore, the single biggest driver of work migration, overseas recruitment for care workers, has been effectively ended.Interior Minister Shabana Mahmood has framed these measures as necessary steps to "restore order and control" to the borders. The current administration has signaled a willingness to go even further, with plans to speed up deportations and extend the qualifying period for settled status to 10 years.A Historic Decline in NumbersRecord Low: Net migration fell to 171,000 in the 12 months to December 2025.Sharp Drop: This represents a 48% decrease from 331,000 in the previous year.Reversal of Trend: The figure is now close to pre-Brexit and pre-COVID levels.Peak Comparison: It is an 82% drop from the record peak of 944,000 in 2023.Political Calculus and Labor Market RisksThe government's move is a direct response to the rising popularity of the populist Reform UK party, which is currently leading in opinion polls. By framing immigration as a threat to national order, the Labour government aims to neutralize a key electoral threat.However, this hardline approach comes with economic and social costs. Employers in the care and hospitality sectors are already sounding alarms about potential labor shortages. Additionally, the political environment is becoming increasingly polarized, evidenced by far-right protests and the distribution of hate flyers, highlighting the social friction caused by these policies.The Future of Border ControlMinister Mahmood has emphasized that the work is not yet done, signaling that the government intends to maintain this restrictive trajectory. With plans to make refugee status temporary and double the qualifying period for settlement, the UK is likely to see a prolonged period of tight immigration controls. The success of this strategy will depend on whether the government can balance the need for border security with the economic reality of an aging workforce.

The World Cup SnubHarry Maguire has announced he has been overlooked by Thomas Tuchel for the England World Cup squad. The Manchester United centre-half had hoped to be included in the 26-man party for the tournament this summer, which Tuchel will name at Wembley on Friday morning."I was confident I could have played a major part this summer for my country after the season I've had," Maguire posted on social media. "I've been left shocked and gutted by the decision. I've loved nothing more than putting that shirt on and representing my country over the years. I wish the players all the best this summer."Resurgence at Manchester UnitedMaguire has excelled for United since Michael Carrick took over as the head coach in mid-January and was called up by Tuchel for the March international programme. The 33-year-old started against Uruguay and came on as a late substitute against Japan, when he brought a threat on set pieces.His performances had raised hopes that he would feature in the World Cup squad, especially after struggling for form under previous manager Ole Gunnar Solskjaer.Defensive Priorities for EnglandDespite Maguire's improved club form, Tuchel has decided to prioritise other players in the position. The decision suggests that the England manager may be looking for different attributes in his center-back options for the tournament.Maguire's omission comes as a surprise given his recent performances and his experience at international level, having been a regular starter for England in previous tournaments.Implications for Maguire's International FutureThis decision raises questions about Maguire's future with the national team. At 33 years old, this could potentially be his last chance to feature in a World Cup, making the exclusion particularly disappointing.However, his continued good form at Manchester United could give him opportunities to force his way back into contention for future England squads, particularly if Tuchel's preferred options underperform at the World Cup.

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 LeadAnxious Arsenal fans around the world were glued to their screens when Manchester City's draw at Bournemouth crowned the North London club as Premier League champions – but Mikel Arteta, who led Arsenal to their first league title in 22 years, was not watching.The manager had planned to be at Arsenal's training centre in London Colney to watch the game with his players, but could not find the energy to make the trip, and chose to stay at home.The Unconventional Celebration"I went outside to the garden, I started to build some fire. I started to do some barbecue, I didn't watch any of it," Arteta told reporters on Thursday.After finishing second three times in a row, Arteta heard the news of their long-awaited triumph from his eldest son, Gabriel, who plays for Arsenal's Under-18 side."My eldest son opened the garden door, he started to run towards me. He started to cry, gave me a hug and said, we are champions, daddy," Arteta said."Then my other two boys and my wife came over, and it was beautiful, just to see the joy on them as well."Videos shared by Arsenal on social media showed players dancing and chanting at their training centre after their league title was confirmed with a game to spare."It was their moment. And they have to be themselves in that moment. And if I'm there, I think it wasn't going to be the same," Arteta said.Arsenal captain Martin Odegaard called Arteta soon after, asking where the manager was."I said, guys, enjoy for a while and see you in a few hours somewhere in London," Arteta recalled with a smile.The Manager's JourneyIt is Arteta's first league title as manager, and he admitted that he doubted himself during a high-pressure campaign, where they were often a slip-up away from losing their lead in the title race."To play with that on your back constantly is not easy. That has been one of the toughest moments... we showed very important values not only in sport, but in life. Which is perseverance, to be resilient, to be composed in moments when people are doubting," he said."And to be vulnerable. I've asked that question to myself, am I good enough to lead these players to win a major trophy? Until you do it, you cannot validate yourself."The Team's MomentumArteta said the mood in the club had changed after winning the Premier League, buoying the team's confidence ahead of a Champions League final against Paris Saint-Germain on May 30."It changes because the level of emotion you feel, it's something I haven't felt before," he said.The Final ChapterArsenal will conclude their league campaign and lift the trophy at Crystal Palace on Sunday."We will have a window to celebrate and lift the trophy and connect with the people we have constantly around us. Then we have six days to write new history in this football club," Arteta added.

The LeadSpotify has introduced a new AI-powered audiobook creation tool in partnership with ElevenLabs, allowing authors to self-publish audiobooks without exclusivity. The platform is expanding to support 10 more languages and aims to generate $100 million in annualized recurring revenue from its Audiobook+ subscriptions.AI Audiobook Creation Platform LaunchAlongside tools for AI-generated podcasts, Spotify on Thursday introduced a new, ElevenLabs-powered AI tool for self-publishing audiobooks within the Spotify for Authors platform. The company said at its Investor Day event that the feature will launch in beta this June on an invite-only basis, initially with support for the English language only.The AI-powered audiobook generation won't bind authors to an exclusive contract, meaning they are free to publish their generated audiobooks anywhere. This approach contrasts with some other platforms that require exclusivity for audiobook distribution.The news builds on Spotify's previous partnership with ElevenLabs, which allowed writers to submit audiobooks created on the voice AI startup's platform to Spotify. The audio streaming platform also already had a partnership with Google Play Books to allow for digitally narrated content. However, it may have wanted authors to access newer voice models that sound more expressive and human-like, like those offered by ElevenLabs. Notably, ElevenLabs had released its own self-publishing platform for authors in 2025.Financial Performance and Growth MetricsSpotify has increased its focus on audiobooks heavily in the last few years and has managed to build its catalog to 700,000 titles. Through these initiatives, the company has managed to bump up listening hours by 60% year-on-year, the company claims. Spotify also said that more than half of its audiobook listeners started in the last year.To date, Spotify has clocked in over a million Audiobook+ subscriptions, and it is on track to generate $100 million in annualized recurring revenue for the platform. The company will expand its Audiobook+ plans this year to allow for higher listening limits and will add new options for students and families in the future.Industry Transformation and Market ExpansionSpotify is also expanding its "Spotify for Authors" platform to support 10 more languages, including French, Canadian French, German, Dutch, Latin American Spanish, Swedish, Finnish, Icelandic, Danish, and Norwegian. This expansion will significantly broaden the platform's reach and accessibility to authors and listeners worldwide.The company brought the program to international markets, made an investment in non-English titles, enabled in-app purchases, and released audiobook charts. This year, it also started a program for authors to sell physical books in the U.S. and the U.K., creating a comprehensive ecosystem for content creators.Future Outlook and User Experience EnhancementsAt the event, the company introduced a new way for users to ask questions using natural language for audiobook discovery. This summer, Spotify will also expand a feature that allows users to create prompt-based playlists for podcasts and music to include audiobooks, it said.These enhancements reflect Spotify's strategy to leverage AI not just for content creation but also for improving user discovery and engagement. The integration of natural language processing for audiobook discovery could potentially revolutionize how users find and consume audiobooks, making the platform more intuitive and user-friendly.

The Record-Breaking Quarter Nvidia has announced record quarterly profit and revenue amid explosive demand for its advanced AI chips. The US tech behemoth said on Wednesday that profit soared to $58.3bn for the February-April period, up 37 percent from the previous quarter and more than 200 percent year-on-year. Revenue jumped to $81.6bn, up 20 percent from the prior quarter and 85 percent compared with the same period in 2025. Nvidia forecast revenue for the current quarter to hit $91bn, more than most analysts' estimates. The AI Chip Surge Nvidia's data-centre business was the main driver of growth, with quarterly revenue surging 92 percent year-on-year to $75.2bn. The Santa Clara, California-based chip giant's hardware unit racked up revenue of $6.4bn, up 29 percent from the previous year. In a sweetener for shareholders, the world's most valuable company said it would buy back an additional $80bn in shares and raise its quarterly cash dividend from $0.01 a share to $0.25 per share. Nvidia CEO Jensen Huang hailed the "extraordinary" results as proof of the growing utility of AI. "Demand has gone parabolic," Huang said in a conference call with investors and analysts. "The reason is simple. Agentic AI has arrived," Huang said, referring to the advent of semi-autonomous AI models. "AI can now do productive and valuable work." Market Expectations vs Reality Despite once again blasting past analysts' expectations, Nvidia's latest results received a muted market response. Shares in Nvidia fell nearly 1.3 percent in after-hours trading, an indication of the sky-high expectations attached to a company whose blistering growth since 2022 has lifted its market capitalisation to more than $5 trillion. "Expectations are very high, and when a company like Nvidia has been doing as well as it has for so long, it takes a lot for people to get excited," Jay Goldberg, a senior analyst for semiconductors and electronics at Seaport Research, told Al Jazeera. "That's just kind of the nature of Wall Street." "All these stocks have run a lot this year, but a lot of it is driven by press releases," Goldberg said, adding that tech firms have yet to demonstrate a "broad-based consumer case" for AI. The AI Valuation Debate Nvidia's spectacular rise and the sky-high valuations of other tech giants, such as Microsoft and Amazon, have stirred discussion about whether AI is overhyped and creating a massive market bubble. William Rhind, the CEO and founder of New York-based investment firm GraniteShares, said the muted reaction showed that expectations had "caught up to fundamentals." "Nvidia is no longer beating a high bar – it is the bar," Rhind told Al Jazeera. Rhind said the bullish case for Nvidia nonetheless remains strong, pointing to the dividend hike and share buyback scheme as signs of a company with "more cash than it can possibly redeploy into the business". "When the marginal use of capital starts shifting toward buybacks and dividends, you're watching a hypergrowth story begin to mature in real time," he said. "That's not bearish – it's a different kind of bullish." Future Outlook John Belton, a portfolio manager at Gabelli Funds, said Nvidia's latest results should not "dramatically shift the story one way or another". "Overall, another solid earnings," Belton told Al Jazeera, saying the results mirrored the "strong numbers" of previous quarters "albeit without any new earth-shattering developments." As Nvidia continues to dominate the AI chip market, the company faces the challenge of maintaining its extraordinary growth trajectory while navigating increasing scrutiny about whether current valuations reflect sustainable business fundamentals or speculative enthusiasm.

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.