It’s Week 14 of the conflict in the Persian Gulf, and despite talks of a "ceasefire," the reality on the water tells a different story. From US strikes against Iranian shore placements to drone attacks in Kuwait, the maritime "artery" of the world is being squeezed, and the global economy is starting to feel the damage. In this weekly recap, Sal Mercogliano breaks down the latest developments in the Strait of Hormuz and the Gulf of Oman, examining how competing blockades are reshaping trade routes and sending shipping rates through the roof. In this episode: The Blockade Battle: A look at the competing US and Iranian blockades and how they are restricting passage through one of the world's most critical chokepoints. Shipping Rates Explode: Why container rates are surging by 40-50% as importers frontload goods to avoid fuel surcharges and impending tariffs. The Oil Crisis by the Numbers: Analyzing the collapse of Iranian crude exports and the growing 14-million-barrel-a-day gap in the global supply. The "Shadow Fleet" Crackdown: How France and other nations are targeting Russian and Iranian dark fleet tankers. A Perfect Storm: Just as the Gulf crisis intensifies, the Panama Canal announces new draft limits—are we heading toward a global shipping deadlock? 0:00 – Week 14: Ceasefire or Escalation? 1:37 – Marine Traffic: Mapping the Blockades 3:15 – Where We Are Today: Surging Container Rates & Frontloading 4:25 – LPG Sanctions & The Impact on India/Pakistan 6:29 – The Collapse of Iranian Crude Exports 12:22 – Global Oil Inventories & The Falling US Reserve 15:00 – Week 14 in Review: Diplomatic Deadlocks & Sanctions 20:51 – Maritime Interdictions: The Case of the Tanker Lexi 24:02 – Project Freedom: Helping Ships Sneak Out 26:12 – Panama Canal Crisis: Low Water & Higher Costs 28:02 – The Jones Act Waiver Debate 34:14 – Conclusion: Is There a Military Solution? Contact What's Going on With Shipping via: Patreon: www.patreon.com/wgowshipping Twitter: @mercoglianos Bluesky