Iran is losing control of the Strait of Hormuz, one of the most strategically important waterways on Earth. According to reporting from CNN and shipping data from Kpler, more than 80% of liquid tanker transits over the past two weeks have taken the UN-authorized route along the north coast of Oman under the protection of the U.S. Navy, while Iran's preferred route is being largely abandoned. Homayoun Falakshahi, head of crude oil analysis at Kpler, told CNN, "It increasingly looks like Iran has at least partially lost control of the strait." Kuwait, Saudi Arabia, and the UAE are using very large crude carriers to move oil through the strait and then transferring it to customer tankers outside the danger zone. Some tankers have gone as far as switching off their transponders for weeks at a time, creating what analysts call "dark traffic" to evade Iranian tracking. Iran's ability to collect tolls from ships passing through has been crushed. Dan Pickering, founder and chief investment off...