A worst-case scenario could be just weeks away. Traffic through the Strait of Hormuz has been essentially paralyzed by the war with Iran, and there is a lot of speculation that the Houthis could soon bring commercial traffic through the Red Sea to a screeching halt. If such a scenario actually materializes, it would be catastrophic for the global economy. The good news is that so far we are not witnessing widespread panic among investors. Most of them still seem to believe that this crisis is just temporary. So even though the price of oil is up over 40 percent since the start of the war, the overall global financial system is still…
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