Rising tensions over Iran, sanctions, tariffs, and Taiwan, amplified by President Trump's visit to Beijing, have elevated the importance of the Malacca Strait. The crisis is now impacting energy markets and the balance of power between the US and China.

US President Donald Trump’s visit to Beijing, at a time of rising tensions over Iran, sanctions, tariffs and Taiwan, shows how far the Hormuz crisis has travelled beyond the battlefield. What began as a regional war is now touching energy markets, currency politics and the balance of influence between Washington and Beijing. The US is trying to keep Gulf and Asian partners anchored to the US dollar system, while China continues to push for wider use of the renminbi in trade transactions. Whether...