Can the Blue Jays go all the way this year?

Just over a month after the United States and Israel attacked Iran, the country has suffered severe losses. But while largely outmatched militarily, Iran has used its geography to spread the cost of war. By all but shutting down shipping across the Strait of Hormuz, it has effectively grounded global oil trade to a halt and sent markets spiralling. Look up this trade lane—a waterway for vessels moving through the Gulf, transporting more than 20 percent of the world’s oil and liquefied natural gas—and you’ll find it described as a “choke point.” It’s a term that Edward Fishman, an energy...