We have long been taught that energy security is a matter of geography, defined by who owns the land, who controls the straits, and who signs the treaties. Now the Strait of Hormuz, a key chokepoint for the global oil trade, has been shut by Iran’s Revolutionary Guard following the U.S. and Israeli airstrikes that began on February 28. Tanker traffic has ground to a near halt, 20% of global supply has been paralyzed, and the old-world energy order has been shaken.
Should companies do one big round of layoffs or smaller cuts?
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