At this point, it does not require a high IQ to understand that an energy crisis triggered by the war in the Strait of Hormuz could provoke a global financial and economic collapse. Even if the US navy was able to protect each and every ship going through the strait, the mere risk that something could occur is virtually freezing the marine insurance market.
On top of that, Qatar has already stopped its LNG export, which makes one fifth of the world supply(see below). Oil trade through the strait is a comparable share of the global oil market. Qatar’s energy minister told the FT that “war in the Middle East could ‘bring down the economies of the world.’”
