There is an old story about a frog, a pot that is slowly heating up, and a lesson about failing to anticipate dangers until it is too late.By conventional economic logic, with the US-Iran conflict choking up energy flows, Asian markets should have sunk lower. The region is, after all, the most exposed: nearly 80 per cent to 90 per cent of oil and gas flowing through the Strait of Hormuz is destined for Asia, and for many economies, Middle Eastern supply accounts for 40 per cent to 80 per cent of crude imports.Yet, markets have done the opposite. Risk...