In this picture obtained from Iran's ISNA news agency on June 18, 2026, vessels are seen anchored in Bandar Abbas along the Strait of Hormuz. Oil prices tumbled after Trump and his Iranian counterpart separately signed their accord to end the Middle East war, with the Strait of Hormuz to reopen but two months of negotiations lying ahead. (Photo by AMIRHOSSEIN KHORGOOEI / ISNA / AFP) /

Oil may dominate the headlines about the Middle East, but the real power often flows through water. Three narrow passages – the Suez Canal, the Strait of Hormuz, and Bab el-Mandeb – shape how the world moves. In times of crisis, they’ve become chokepoints, disrupting global trade, rattling markets, and shifting the balance of power way beyond the region. In this episode, three stories from these waterways… how they’ve helped define the modern Middle East and, as we’ve seen recently with Hormuz, the economic currents that affect us all.

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Yemen and Gulf researcher at Chatham House in London

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