Dhaka, April 22 -- The tensions between the United States (US), Israel, and Iran are not just another geopolitical confrontation-they are a reminder that globalisation, for all its scale, still runs through a narrow set of fragile chokepoints. The Strait of Hormuz, once again in focus, carries roughly one-fifth of the world's oil supply-around 20 million barrels per day. A disruption here would not be regional; it would be systemic.

But the real story is larger-and more unsettling. Vulnerability in an integrated world is no longer simply maritime.

Today's chokepoints are embedded deep within the architecture of the global economy. More than 90 per cent of advanced semiconductors are manufactured in Taiwan, with a single company dominati...