The Globe and Mail reports in its Wednesday, March 11, edition that an old saying in investing says the biggest risks are not sudden but have built up quietly over decades, becoming impossible to ignore after a triggering event. The Globe's guest columnist Sam Sivarajan writes that recent events may represent such a moment. On Saturday, Feb. 28, United States and Israeli strikes on Iran caused a military response that shocked global energy and financial markets. The Strait of Hormuz, now critical, was effectively closed to shipping, leading Gulf producers like Iraq and Kuwait to cut output. Analysts from Barclays and UBS warned that oil prices could reach $120 to $135 if disruptions continue (all figures U.S.). Qatar has stopped all LNG exports, causing U.S. gasoline prices to surge from about $3 to $3.45 in just a week, with a $4 national average expected soon. An energy economist compared halting oil flows through the strait to blocking the global circulatory system's aorta. With the strait at a near-total halt, Exxon Mobil's chief economist warns that prolonged closure is now the more probable scenario.