The larger pattern is not a single war widening into another. It is a set of theaters teaching one another how to behave. Hormuz supplies the coercive grammar: public guarantees, maritime threats, and the old argument over who owns a waterway that everyone else depends on. Ukraine supplies the industrial grammar: missiles, drones, logistics, and the grim arithmetic of attrition. Gaza supplies the political grammar: ceasefire implementation, power transfer, and the suspicion that every concession is also a trap. Taiwan supplies the strategic grammar: preparation without provocation, deterrence without reassurance, and a market that still prices invasion as a low-probability event. The point is not that these fronts are identical. It is that they are now legible to one another, and that makes each one easier to escalate by analogy. The markets are not prophecy, only mood made numerical; still, they reinforce the same hierarchy of danger, with Hormuz the nearest fuse and Taiwan the longest shadow. ([apnews.com](https://apnews.com/article/e31c6ff72583f4e810d6d6750eb603d2?utm_source=openai))