Damage to the region’s logistical networks and infrastructure will have a big ripple effect down global supply chains.

The U.S. is threatening to intensify its bombardment of Iran as the country’s leadership rejects a 15-point U.S. proposal to end the war. Iran has issued a number of demands, including recognition of its sovereignty over the Strait of Hormuz. Since the war began, Iran has largely blocked ships from passing through the critical strait, causing a global crisis as the prices of oil…

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