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The current crisis in West Asia has brought the global energy system closer to disruption than at any time in recent decades. At the center of the crisis lies the Strait of Hormuz, a narrow waterway between Iran and Oman that carries roughly a fifth of the world’s traded oil and liquefied natural gas. For decades, the global economy has operated on the assumption that this chokepoint would remain open. On February 28 this year, that assumption collapsed.
Following a joint strike by the United States and Israel on Iran,…