New Delhi, March 31 -- Even though the Strait of Hormuz is just about 33km wide at its narrowest point, about 20 million barrels of crude oil and refinery products would pass through it every day before the war in West Asia. This was roughly a quarter of all seaborne oil trade. Since late February, tanker traffic through the strait has fallen sharply, driving up the price of Brent crude and triggering an oil shock.

But while our attention has been focused on oil, there are other consequences-equally, if not more significant-that could threaten the global economy in far more dangerous ways.

Amid the freight sitting idle in the Gulf are 200 containers of liquid helium waiting for Iran's permission to pass through the strait. These contain...