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The Suez Canal Authority was built in 1957 during the reopening of the canal, not during the crisis and not years later. The 2026 Hormuz moment is the same narrow window. Thirty days to build the institution, or wait fifteen years for the next crisis.

40 nations are meeting to plan a ‘purely defensive multinational mission’ for Hormuz. The initiative gets three things right — and is missing one critical piece: the funding mechanism that a structured toll system provides.