India, June 29 -- When the Strait of Hormuz shut to commercial shipping in late February, global oil markets did what they always do: panic first, adjust later. Brent crude surged from the low $80s to well above $115 per barrel in a matter of days, briefly spiking higher as traders priced in the possible disruption of nearly a fifth of global supply. Freight costs jumped, insurance premiums surged, and LNG prices followed suit. In much of the world, that volatility travelled quickly and visibly to the consumer. In the United States, gasoline prices rose within weeks, with several regions seeing double-digit percentage increases at the pump. Across Europe, where energy costs were already structurally elevated, the shock was sharper. Govern...