MARKET UPDATES

CryptoSAZZ Macro Update Iran Is Playing 3D Chess: The Hidden Financial Risk Behind Hormuz

September 6, 2026

Executive Summary

The market continues to view the Strait of Hormuz primarily through the lens of oil prices, inflation and gasoline. We believe that framework may underestimate the more consequential second-order risk.

The United States is far less directly dependent on Persian Gulf oil than it was during the energy crises of the 1970s. The U.S. imported only about 490,000 barrels per day of crude oil from the Middle East Gulf in 2025, representing approximately 8% of total U.S. crude imports. More broadly, the United States is now a net energy exporter.

Consequently, we do not believe Iran's greatest potential leverage comes from recreating 1970s-style gasoline shortages in the United States.

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