Around 30% of global oil runs through just two sea routes, and both are now under threat. Hormuz has been effectively closed for months, that's 20% of global oil supply already held hostage. So the Saudis rerouted what they could through the East-West pipeline and the Red Sea. That was the workaround. Then the backup got hit by drones. Then the Houthis reached Perim island, closing in on Bab el-Mandeb, now acting as a checkpoint on the Red Sea. News outlets are reporting Saudi Crown Prince MBS called Trump twice asking for military help. The US offered intelligence sharing. That's how bad this is getting. The IEA just reported Saudi crude output at its lowest in 30 years. Oil is heading back above $100 and this time there's nowhere left to turn. Calling this a clusterf*ck is an understatement.(Lark Davis)