This looks bad. Yemen-based Houthi rebels just declared a naval embargo on Saudi Arabia, cornering the world’s biggest oil exporter. • Saudi Arabia supplies ~10% of global oil. • To avoid Hormuz, they piped their supply directly to the Red Sea (Yanbu port). • Now those ships must face the Houthi-controlled Bab al-Mandeb chokepoint. So, how is your Monday so far(Lark Davis)