Last week, Iran’s new supreme leader vowed to continue the country’s blockade of the Strait of Hormuz as the United States and Israel continue to wage war in the Middle Eastern nation. The closure of the Strait, through which over one-third of the world’s crude oil trade passed in 2025, is causing oil prices to skyrocket at a global scale, surging over USD $100 per barrel. The economic fallout from this development will be enormous, throwing into sharp relief how petro-dependent global markets continue to be. At the same time,…