The Iran conflict is reshaping global trade as mercantilism makes a comeback after centuries, disrupting the WTO-based world order. President Trump's naval escort proposals for the Strait of Hormuz highlight the waterway's critical role in global energy markets, with shipping rates for crude transport rising 4X since last week.

While only 7% of U.S. crude imports pass through Hormuz, nearly half of China's imports travel this route, explaining Beijing's concern. Angeliki Frangou, CEO of NYSE-listed Navios Maritime Partners, sees the shift firsthand with her fleet of 171 vessels. The Greek shipowner describes how companies have moved from just-in-time to just-in-case supply chains, prioritizing security over efficiency.

This transition marks a fundamental break from globalization's low-tariff, efficiency-driven model. With her fleet averaging one ship through Hormuz daily, Frangou warns that "the WTO world we built our companies in basically doesn't exist today." The conflict has accelerated trends toward friend-shoring and national security-focused trade policies that will persist regardless of the Iran situation's resolution.