When Iran shut down the Strait of Hormuz at the start of the war, choking off sea passage for some 15 million barrels of oil a day, many feared that prices would skyrocket, cratering the world economy. Instead, nearly seven months on, oil is expensive but not exorbitant, and analysts say there is enough oil available to meet current global needs, even as the higher prices cause political problems for US President Donald Trump and others. That’s because Saudi Arabia and other Gulf producers...