Commercial shipping had only just begun returning to the Strait of Hormuz after a memorandum of understanding signed between the US and Iran in mid-June raised hopes of de-escalation. But those hopes have now evaporated with the return of direct military confrontation, reigniting fears about the world's most important energy chokepoint. For governments and businesses, the question is no longer only when conditions in Hormuz will normalise. It is whether the crisis marks a lasting shift in how co