On any given day at Lloyd’s of London, insurance brokers mill around the 200-foot-tall atrium of the Underwriting Room, carrying documents in black folders. They are negotiating policies for ships carrying oil, gas and other goods around the world. There’s Shanghai to Los Angeles; Vancouver to Busan, South Korea; Valparaíso, Chile, to Sydney. They are also negotiating policies for what’s become, these days, perhaps the most dangerous route in the world: the Strait of Hormuz. It’s unclear when