A war is being waged over the planet's chokepoint, and normal is being maintained

Since late February, the United States and Israel have been conducting strikes against Iran. Iran's supreme leader was killed. His son has been appointed successor. The Strait of Hormuz — through which roughly 20% of the world's oil passes — has been effectively closed for over two months. Twenty thousand mariners are stranded. A naval blockade is in effect. Fire is being exchanged. Ceasefires are being announced and violated. And the S&P 500 hit a fresh high this week. We cannot contain this. ...