For decades, the Strait of Hormuz has been a narrow passage with a big footprint. Whenever it comes under tension, the world is reminded that energy security is less a policy construct than an everyday reality for Asia’s economies, factories and prices. For China, Japan, South Korea, India and Southeast Asia, it has always been more than just a Middle Eastern problem. It is an Asian economic issue. This is why we should not interpret the latest Gulf tensions solely in terms of naval forces,...