The closure of the Strait of Hormuz and US-Israeli strikes in Iran are reigniting the specter of a surge in crude oil prices. But the global economy is less vulnerable today than it was during the 1973 oil crisis.

The prospect of a blockade of the Strait of Hormuz, which one-fifth of the world's total oil supply, notably from Saudi Arabia and the United Arab Emirates, passes through, or…

A halt on trade flows through the strait of Hormuz could spell trouble for many developed economies