, May 18 -- For months, governments, companies, and financial markets viewed the disruption in the Strait of Hormuz as a short-term crisis that would eventually be resolved through diplomacy or a reduction in military tensions.

Moody's Ratings is now warning the world may need to think differently.

In a new report, the ratings agency said the disruption to one of the world's most important energy shipping routes is increasingly looking less like a short-term shock and more like a structural risk that could reshape global trade, energy markets and economic planning well beyond 2026.

"Global shipping routes are being structurally rewired," Moody's said. The agency said countries are increasingly turning to non-Gulf suppliers, alternative...