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

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.