The war in Iran has already transformed the world’s energy map. It might yet redraw America’s auto market.
Now in its third week, the U.S. and Israeli military campaign in Iran has escalated to involve targets across the Middle East, including the Strait of Hormuz — a narrow waterway at the mouth of the Persian Gulf that serves as the world’s most critical fossil fuel chokepoint. The war has effectively closed the oil tanker traffic that used to navigate the strait, which on a normal day carries up to 20% of the world’s traded petroleum.
