PARIS—The past few months have offered a stark reminder of the importance—and precariousness—of water supplies. The Gulf Cooperation Council countries, which together supply roughly 62 million people with drinking water drawn almost entirely from the sea, have had their desalination plants targeted by drones and missiles, as part of a geopolitical conflict they did not create.

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Meanwhile, in Central America, insufficient rainfall has been lowering water levels in the Panama Canal for years, creating tension between local need for fresh water and demand for transit through a vital shipping artery. This is the same crisis seen from opposite ends: in Panama, a shortage of fresh water chokes maritime trade, and in the Gulf, a maritime conflict reduces drinking water. Water is, in the strictest sense, a security issue—but the world has yet to govern it as one.

The consequences of inadequate water management are far-reaching. Diseases related to unsafe water and sanitation represent a major public-health........

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