The war in the Middle East is exposing how dependent the world is on a handful of strategic chokepoints.

The Strait of Hormuz – a narrow waterway in the Gulf – is closed.

The longer this goes on, the faster the global energy map could be reshaped.

From Europe to Asia, countries are facing mounting supply risks and the threat of an inflation shock.

If the conflict between the US, Israel and Iran drags on, alternatives will be hard to find.

But, Russia is shaping up to be a major beneficiary, with soaring prices filling Moscow’s coffers despite Western sanctions.