Energy prices are surging as the Iran war disrupts supply, raising risks for the US, China and Europe. The longer it remains closed, the greater the damage to the global economy. Iran continues to block tankers from shipping close to 20 percent of the world’s oil supply. That is roughly twice the disruption the world suffered during the energy shock of the 1970s. Big oil shocks have historically led to considerable economic turmoil, high inflation, stagnation and recession. From American consumers to Chinese factories and European households, people across the world are already feeling the effect.