DAR ES SALAAM, April 17 -- PRESENTLY, the world is at a perilous juncture. What was intended to be a historic diplomatic breakthrough between the United States and Iran, one that could have resolved the most volatile conflict in a generation has instead devolved into a high-stakes military and economic conflict.

The Strait of Hormuz, the narrow maritime corridor through which nearly one-fifth of the worlds crude passes, is the focal point of this unfolding crisis. Previously a region of economic coercion and military tension, it has now become the epicentre of a global upheaval whose repercussions are already being felt in markets, governments and households worldwide.

A few days ago, there was a sense of cautious optimism. A ceasefire ...