Actual big win for Lloyd's.

It's time to rename it to Schrödinger's Strait. Is it open? Is it closed? Nobody can tell until a ship tries to sail through and is either sunk or not sunk.

NPR article from an hour ago:

https://www.npr.org/2026/06/20/nx-s1-5865006/fighting-lebanon-despite-ceasefire

Iran says Strait of Hormuz shut as U.S.-Iran talks set for Sunday in Switzerland

Iran's military said it has closed the Strait of Hormuz in response to Israel's latest strikes in Lebanon, even as Iranian and U.S. negotiators prepare to meet Sunday in Switzerland for talks.

The U.S. military, meanwhile, denied the claim that the strait was closed, leaving a key piece of the freshly signed Memorandum of Understanding between the two countries up in the air.

On Saturday Iran's Revolutionary Guard Corps declared the strait closed, according to state-controlled Iranian media, citing what it called "the explicit breach of the first clause of the post-war memorandum of understanding by the United States" and the latest exchange of fire between Israel and the Iran-backed militant group Hezbollah in southern Lebanon. Iran's state broadcaster Press TV reported the IRGC Navy was warning all vessels to "absolutely refrain from any movement in the Strait of Hormuz until further notice."

But U.S. Central Command said shipping through the strait was proceeding normally, insisting on social media that 55 commercial vessels had completed the transit successfully, carrying more than 17 million barrels of oil, and that "safe passage through the international waterway remained intact." The U.S. added that its forces remained "present and vigilant" to ensure all terms of the agreement with Iran were being honored. Even with this disagreement over the vital waterway, both nations appear to be proceeding toward the next phase of diplomatic talks.

Apparently the Iranian military and the US military disagree on whether the Iranian military has closed the strait.