For years, geopolitical analysts warned us that among the scariest of all scenarios for the world economy was the closure of the Strait of Hormuz. Well, now, in practice, that is precisely what has happened. Shipping through this narrow channel, the gateway to the Persian Gulf, has dwindled to close to zero. The worst nightmare has materialised. And yet the funny thing is that in certain respects the world seems no different to how it was before. The S&P 500, the benchmark share index in