The continued flow of Hormuz traffic through U.S. and Iranian routes in the face of persistent attacks could help establish a new normal where the world adapts to the reality of the vital chokepoint remaining at risk.
"While it's hard to imagine a world in which the Strait never reopens, it's also hard to imagine the world economy ever again depending on the region for 20% of its oil and gas needs," Christopher Smart, a former trade adviser and Treasury official in the Obama administration, wrote in a New York Times op-ed on Thursday.
"Desperate buyers always manage to find new sellers when the old ones can't deliver. The longer the world lives without the Gulf's supplies, the easier it gets," he added.