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Oil tanker traffic through the Strait of Hormuz remains at a trickle as the U.S. enforces a retaliatory blockade of Iranian ports.
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Iran's missile attacks and its closing of the Strait of Hormuz have cost the oil-producing Gulf Arab states untold billions. In response, they are moving to arm themselves against a military threat that hasn't been erased, and construct workarounds to the Hormuz choke point.
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The S&P 500 hit an all-time high Wednesday, a remarkable turnaround for stocks while the war with Iran drives up energy prices and cuts into global growth.
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Our national security correspondent David E. Sanger examines what the Iran war means to China, which is the world's biggest importer of Iranian oil.
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