Iran has been accused of “holding the global economy hostage” as disruption in the Strait of Hormuz sends shockwaves through energy markets. But this is not a traditional blockade. Instead, shipping through one of the world’s most critical oil routes has slowed dramatically amid attacks, rising risks, and new forms of control over access to the waterway. The UK has brought together more than 40 countries to discuss reopening the strait, while global powers remain divided on how to respond. In