The Strait of Hormuz is the fourth large supply shock this decade. Welcome to the new era of global disorder
In 2020, Covid shut down global supply chains and sent inflation surging. In 2022, Russia’s invasion of Ukraine triggered a global energy and food price shock. U.S. tariff policies in 2025 disrupted global trade and helped to stall a long-awaited retreat in domestic inflation. Now, in 2026, we have war in the Persian Gulf. Commerce…