Commodity Watch: Straits, Squeezes and the Price of Stability
<p>We are increasingly impacted by interrupted trade. Four years ago, we experienced the economic impact of trade disruption in the Black Sea (war and sanctions), which accelerated inflationary pressures from COVID’s fiscal spending and supply shocks (how did the stock market do?). Today, we are witnessing trade halt at the Strait of Hormuz (a major chokepoint) with ripple effects not yet felt, even as tariff uncertainty looms in the background.</p>
9 March 2026