The war in Iran has come to focus on the Strait of Hormuz. Iran’s threats against tankers that would try to transit the narrow neck of the Persian Gulf have sent energy prices skyward. And the mullahs have gone further, attacking the oil- and gas-exporting Gulf Arab states’ energy infrastructure directly. That hasn’t drawn them into the fighting so far—but it may yet.

Speaking of being drawn in: countries in Europe, lacking abundant oil and gas of their own, are unusually exposed to energy prices. Price rises have hit as European governments have little money on hand to protect consumers, as they did when the Ukraine war began. They too find themselves having to take awkward stands in a war they did not start and cannot end.