Scenario 1: In its conflict with Israel, Iran closes the shipping channel in the Strait of Hormuz. Scenario 2: China invades Taiwan, the US enters the conflict and the South China Sea is closed to shipping. In either of these circumstances, what happens to Australia’s oil supply chain on which we rely to power the nation? — IT DID NOT receive much attention beyond the geopolitical thinkers, however the consequences for Australia’s oil supply and the effect of a widened conflict on global oil prices—had Iran entered the Israeli-Palestinian conflict of 2023 and closed the Strait of Hormuz or attacked tanker traffic transiting the Strait—again brought attention…