Hormuz, Malacca, Suez, Bab el-Mandeb, Gibraltar, the Bosphorus, Panama and the Danish Straits: the list has not changed in a century, but the tonnage squeezed through it has multiplied. Chokepoint risk is the one geography no supply chain redesign escapes.
Premiums as intelligence
War-risk insurance rates react to strait threats faster than governments do. Anyone tracking escalation should read the underwriters before the communiqués.