The Calm Before the Panic Right now, markets are behaving like a storm that hasn’t quite decided to break. Yes, oil prices have surged. Yes, the Middle East conflict is escalating. Yes, one of the most critical shipping choke points on Earth is effectively paralyzed. And yet, the financial system is still acting like this is just another temporary disruption. The S&P 500 is only down a few percent this year. That’s hardly the kind of panic you would expect if one-fifth of the world’s oil supply were suddenly trapped behind a geopolitical blockade. But markets have a strange habit of staying calm right up until the moment they aren’t. And according to several geopolitical analysts watching this situation closely,…
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