Brent above $110/bbl. US diesel crossing $6/gallon for the first time ever. Houthis just seized Mocha, Yemen and are closing in on Bab el-Mandeb, the southern Red Sea chokepoint. Hormuz was already effectively closed since the Iran war began. Together the two straits handle roughly 30% of global seaborne oil. If Iran gains leverage over both, we're looking at a structural supply shock, not just a spike.(Lark Davis)