Hormuz crisis underlines vulnerability of global trade chokepoints

War in Iran disrupting established trade flows raises an important question: how serious could the consequences be, and for whom will they be most severe? To answer this, it is useful to look at history. During the fifth and fourth centuries BC, Athens, a major centre, depended heavily on grain imports. Whenever routes were blocked during wars, Athens almost immediately faced the threat of a food crisis. In the Middle Ages, Venice became one of Europe’s richest cities and a crucial hub linking...