The escalating conflict between Iran, the US, and Israel is putting the world on high alert as oil prices skyrocket and the Strait of Hormuz is closed. This marks a concerning turn in global politics, with far-reaching implications for energy markets and regional stability.

After eight decades of relative peace following the end of World War II, we now find ourselves in the midst of the Russian invasion of Ukraine entering its fourth year and escalating violence between Israel, the US and Iran. After 12 days of fighting last June, the latter conflagration has erupted again in a widening war that has killed Iran’s Supreme leader Ayatollah Ali Khamenei and closed the Strait of Hormuz, sending oil prices to near record highs. In 1984, American historian Barbara...