The Globe and Mail reports in its Saturday edition that the Strait of Hormuz remains largely closed, and shortages of tangible commodities, such as aluminum and copper, will soon become apparent. The Globe's Eric Reguly writes, however, that current prices, such as the relatively benign oil futures, still don't reflect the probable economic pain to come. Oil shot up at the start of the Iran war. At one point, Brent crude went north of $125 a barrel (all figures U.S.). Since then, it's dipped below $100 several times. In the past couple of weeks, it has been trading at about $105. On Friday, Brent was climbing again, though it did not soar. Mr. Trump renewed threats of violence to reopen the strait, saying, "or we''re going to do some nasty things," while Iranian President Masoud Pezeshkian asserted, "we will never back down" in talks. The closed strait isn't the only issue; multiple factors are driving commodity prices and inflation higher. Stockpiles, which have provided some supply, are dwindling rapidly. In May, global oil stockpiles fell by 8.7 million barrels a day, according to a recent Goldman Sachs report. With oil exports through Hormuz at around 5 per cent of prewar levels, replenishment is not possible.