The Strait of Hormuz remains closed. Missiles continue to fire across the Persian Gulf and in Lebanon. The price of oil is close to $100 a barrel, and shortages of fertilizer, helium and aluminum are pushing up the price of food and other necessities, fueling cost-of-living pressures.

The Strait of Hormuz remains closed. Missiles continue to fire across the Persian Gulf and in Lebanon. The price of oil is close to $100 a barrel, and shortages of fertilizer,…

Markets may be underestimating the risk, with traders betting on a Hormuz reopening even as physical oil stocks approach critically low levels and tanker traffic remains disrupted.