By any historical yardstick, the near-closure of the Strait of Hormuz should have triggered a full-scale panic across oil and financial markets.

Brent crude rises nearly 6 percent as soaring tensions in waterway push ceasefire to the brink.

A few more weeks of the status quo, where most tankers are prevented from crossing the Strait of Hormuz, will push the current crisis into a whole new phase.

By any historical yardstick, the near-closure of the Strait of Hormuz should have triggered a full-scale panic across oil and financial markets.

Oil prices jumped on Friday after the U.S. and Iran exchanged fire in the Strait of Hormuz, raising fresh fears that the fragile ceasefire between the two countries is rapidly…