New Delhi, March 17 -- SINCE THE third Gulf war began three weeks ago, one number has captured the world's attention: the price of crude. On March 16th Brent, the global benchmark, briefly topped $106 a barrel-its highest since July 2022, a few months after Russia's invasion of Ukraine. Donald Trump, America's president, has tried to talk down prices, demanded help from NATO allies and overseen the largest-ever release of strategic oil stocks. None of this has convinced traders that the Strait of Hormuz will reopen soon. Some 10-15% of global oil supply remains trapped.

Many other commodities are stuck, too. The Gulf states, it is rapidly becoming clear, matter for the supply of much more than oil and gas. Their vast hydrocarbon reserves...