New Delhi, March 20 -- The U.S. and Israel's war with Iran has thrust the Strait of Hormuz once again into the crosshairs of a geopolitical conflict.

Nearly all traffic has ground to a halt in the waterway that connects the Persian Gulf to the rest of the globe's oceans, shutting down a critical path for the world's flow of oil. Attacks on commercial ships and threats of further strikes have stopped nearly all tankers from carrying oil, gas and other goods through the passage. That's also led to cuts from some of the world's largest producers, because their crude has nowhere to go.

This is hardly the first time the Strait of Hormuz has been weaponized. Ship seizures and past fighting in the region have raised alarm for commercial ships,...