Speaker argues the conflict has led to a "weaponization of geography," with Iran potentially controlling/taxing traffic through the Strait of Hormuz. This would raise costs for shipping, insurance, and create long-term supply chain redundancy efforts. A fundamental shift from free maritime passage to tolled or controlled chokepoints increases the cost base for global trade, impacting all cargo-sensitive industries and potentially reigniting inflationary pressures. WATCH for sustained higher freight rates and increased insurance costs as a structural headwind, even if a ceasefire is reached, due to eroded trust in the security of key waterways. A comprehensive peace deal includes robust international guarantees for safe and free passage, quickly restoring the pre-conflict status quo.