The world feared the Iran war’s disruption of the Strait of Hormuz would trigger historically high oil prices. Yet the worst hasn’t happened, and the reasons for that may hint at a rewiring of global energy flows.
That unexpected resilience of markets has many explanations, but it’s forcing a bigger question: does the world simply wait for the critical waterway to normalize, or start building alternative routes, inventories and supply systems to hedge against future risks?
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