How a handful of chokepoints came to dominate the world economy

AI Summary

The closure of the Strait of Hormuz highlights the vulnerability of global trade flows, particularly for oil. This strait is critical as it generally carries about a quarter of the world’s seaborne oil trade.

The closure of the Strait of Hormuz in February once again demonstrated how volatile global trade flows are—and not just for oil. The strait, which narrows to just 21 miles wide as it passes between Iran and Oman, normally carries a quarter of the world’s seaborne oil trade, making it one of the most critical ...