FO Exclusive: US–Iran Double Blockade of Hormuz Threatens Global Economy

The US-Iran conflict, anchored in the blockade of the Strait of Hormuz, has ruptured the global resource, financial, and security architecture, creating the most severe supply-side shock since the 1970s. This disruption has impacted energy flows, industrial inputs, and shipping routes, causing a breakdown between financial pricing and physical reality. A negotiated outcome resembling a diluted JCPOA is likely, shifting leverage in the Gulf.