New Delhi, March 10 -- The closure of the narrow shipping lane that runs through the Strait of Hormuz has disrupted the flow of crude oil from Gulf producers to countries around the world. Energy prices have spiked. Iran closed this route in response to the bombing of its territory by the US and Israel. The ongoing episode is a reminder of the importance of chokepoints in an interdependent world, or bottlenecks that countries can use for strategic leverage in uncertain times.

The Strait of Hormuz is a chokepoint created by geology, but there are many other types as well-financial, technological and mineral, for example. The denial of advanced semiconductors to one country or of rare earth minerals to another are two examples of chokepoin...