After more than 15 weeks of conflict, the signing of the memorandum of understanding between the US and Iran heralds a period of calm for the Middle East, in a regional environment thwarted by fragility. But the hiatus cannot conceal the key issue: the duration and intensity of the conflict, which far exceeded initial expectations, have profoundly disrupted a crucial region of the global economy. The Strait of Hormuz is a strategic chokepoint for the supply of hydrocarbons and their derivatives. Very few countries – particularly in South-East Asia and on the East African coast – have been able to sidestep these ... (full story)