The dramatic escalation in hostilities between the US and Iran over the Strait of Hormuz will ultimately decide the fate of the crucial waterway for decades to come. Until the outbreak of the Iran war in February, the strait was subject to the normal laws of the sea, with merchant ships passing freely through the narrow passageway, including those carrying about 20 percent of the world’s energy needs.

With missiles replacing merchant ships in the Strait of Hormuz, activity in the world's most critical energy corridor is grinding to a halt—and a controversial proposal to charge…

The dramatic escalation in hostilities between the US and Iran over the Strait of Hormuz will ultimately decide the fate of the crucial waterway for decades to come. Until the…