As the conduit for a fifth of daily crude oil and liquefied natural gas supply, the closure of the Strait of Hormuz represents the most serious global energy shock in history. Jet fuel, petrol and diesel prices have risen sharply, and every day that the Strait remains shut represents an intensification of the crisis. For Australia, the implications of reduced energy supply are particularly severe, given its small stockpiles and dependence on imported oil products. As energy imports slow to a trickle, the country must now reckon with the economic consequences of its vulner...