T he biggest energy shock in modern history, jet fuel shortages “within weeks” , a global recession – since Iran throttled shipping flows through the strait of Hormuz at the end of February the economic warnings have become increasingly dire. Yet 10 weeks on from the first US-Israeli attacks, share indices, companies and governments have been surprisingly sanguine. Every day the divergence grows between the eerie quiet on markets and alarming warnings of an imminent supply chain crunch. It is true that some countries have taken significant steps to mitigate soaring fossil fuel prices , with many in Asia that depend on Gulf oil urging citizens to take action to conserve energy – or, in some cases, resorting to outright rationing. Yet in Europe , the response has been more muted: motorists are feeling the pinch from higher petrol and diesel costs, and central banks have warned they may raise interest rates to constrain inflation, but wider supply chains appear to be holding up.…