The US-Israeli air strikes on Iran and Tehran’s Gulf-wide retaliation with drones and missiles, now in their third week, have rocked global energy markets and affected economies worldwide. The Strait of Hormuz remains near-impassable. The US recently struck military targets at Iran’s Kharg Island, through which 90% of Iranian crude exports flow, while warning that its oil infrastructure could be next. Israel then escalated further by striking Iran’s South Pars gas field, the largest in the world, prompting Tehran to hit back at major energy facilities across Qatar, Saudi Arabia, Kuwait and the UAE. Brent crude has surged past $115…