The casket of Iran’s late Supreme Leader Ayatollah Ali Khamenei was carried through the Iranian capital of Tehran for a funeral procession. He was killed in a Feb. 28 airstrike at the beginning of U.S.

A cluster of strikes on vessels in the Strait of Hormuz puts a fragile peace framework into jeopardy, as unrestricted passage is a central provision of the newly brokered agreement between the U.S. and Iran.

Disruption to shipping through the Strait of Hormuz has shone a spotlight on another critical maritime corridor half a world away. The Strait of Malacca — a narrow stretch of water between Indonesia and Malaysia that funnels trade past Singapore — carries more than a fifth of global seaborne trade.

The prospect of fees to transit the Strait of Hormuz has sparked alarm, not least by investors who fear it could be replicated in other maritime corridors.