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Culture War Roundup for the week of October 5, 2026

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  • Trump has completely given up on “tanker for tanker”

  • Trump has completely given up on striking anywhere in Iran, for weeks apparently, even as Iran launches volleys of drones and missiles daily

  • Iran “remains well-stocked with ballistic missiles and some anti-ship weapons, and can quickly add more”, while receiving new armaments from Russia, and we should assume Russia has a desire to embarrass their #1 geopolitical rival who helped get them into the Ukraine kurfuffle

  • the fire rises upon the namesake of Ahura Mazda: Iran’s strikes are causing more severe damage, and their range of attacks grows larger

  • Iran has struck a bare minimum of 15 vessels in two weeks, could be much more than that but they stagger the reporting

  • sailors are being offered 4-6x normal wages for crossing the strait, indicating serious risks to life or limb (why would any sailor care if the vessel were merely struck? That would mean less work and command a lower wage. How much would a third world mariner risk to make 6x wages?)

  • As of October 4th, known Iranian route crossings rose from 23.2% to 29.9%; no vessels crossed via the Omani Route; the rest were dark transit / unknown. (Why does no one talk about what a big chunk of ships use the Iranian route?)

  • Vessel crossings in total fell past few days; October 8th was the lowest number of crossings in two months

  • Kpler’s head of geopolitical risk speculates that the Arabs are paying Iran to get their crude out. They are paying the toll.

  • Americans left Iraq without disarming the Shia militias, which was part of their original deal with the Iraqi government for their condition of leaving.

Are we winning yet?

Are we winning yet?

I think if we were to see a quick resolution in a way that was favorable we'd probably expect to see oil prices that were low both in the spot market but in the futures market as well. (Or at the very least, a much steeper term structure.) As it stands if I want to get 1000 barrels of crude in December, it'd cost about $90.50/bbl. If I want it in August, it still would cost roughly $81/bbl or so. (Eyeballing the futures for WTI Crude Oil.)

Before the war, we were trading at around $70 or so. The futures that has that price roughly is around sometime in mid-2028. Now these prices move a lot and are subject to drop a lot on some headline but even that effect is becoming muted as Trump decides to declare victory every week or so.

Are we winning yet?

Yes, we are.