March 17, 2026

The war involving Iran, Israel, and the United States is widely being described through the language of missiles, airstrikes, and retaliation. That description is incomplete. The center of gravity in this conflict is not located in Tehran, Beirut, or even along Israel’s borders. It is located in a narrow maritime corridor through which the modern global economy breathes: the Strait of Hormuz.

Roughly one-fifth of the world’s oil supply passes through this chokepoint, but the strategic importance of Hormuz goes far beyond oil. The same corridor is critical for petrochemicals, liquefied natural gas, and essential inputs for agriculture, including fertilizers that are directly tied to crop production in major importing countries, including the United States. Any sustained disruption does not simply move energy prices; it transmits pressure into food systems, supply chains, and inflation across entire economies.

That is why this war cannot be understood as a regional confrontation. It is a contest over the stability of the global economic system itself…continue reading here.