The next big question: What is happening in the Bab al-Mandab Strait? Since the Iran war began, the Strait of Hormuz has been the focal point, as it accounts for ~20 million barrels of daily oil supply. On Thursday, Iran's Fars News Agency said Houthis in Yemen and other “resistance groups” may soon join the war against the US and Israel, per WSJ. Not too long ago, Yemen's Houthis, who are backed by Iran, were striking ships in the Red Sea, resulting in a major drop in shipping activity. Currently, ~12% of global seaborne oil passes through Bab al-Mandab, making it the world’s 4th-largest shipping chokepoint. If this passage is closed, another ~6 million barrels of daily oil supply would be halted. Total offline capacity between the two Straits would near 25 million barrels per day, or ~25% of global supply. We have another pivotal week ahead.(The Kobeissi Letter)