European Politics in Deep Sleep

With the Hormuz crisis, another element falls into place in the mosaic of the new world order.

Thomas Kolbe | April 24, 2026

With the Hormuz crisis, another element falls into place in the mosaic of the new world order. This order is dominated by the titanic struggle between the U.S. and China, manifesting in commodity and energy markets. That Europe has slept through this transformation is a sign of blatant reality denial.

We are currently receiving conflicting reports from the Strait of Hormuz -- that strategic chokepoint where global geopolitical weather is shaped like nowhere else. Sometimes a Greek tanker passes through, sometimes a French one. Most often, tankers destined for India or China navigate without incident.

Hormuz delivers a master class in geostrategy and power politics -- something Germany, above all, has largely ignored for decades. After three decades of complacency and firm belief in Fukuyama’s thesis that globalized free markets would ultimately pacify humanity, a hangover now prevails.

Secure transport routes, pricing power in commodity and energy markets, and even insurance -- the U.S. intervention in Iran is multifaceted. It addresses the escalating resource war with China and other aspects, such as the maritime insurance industry.

Between the U.S. and the City of London -- specifically major insurers like Lloyd’s, Skuld, NorthStandard, and London P&I -- a real battle for this market segment has erupted.

At the conflict’s outset, London insurers suspended numerous war-risk policies for ships in the Strait of Hormuz. Alternative coverage was offered........

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