QCP Macro Themes, 15 October 2026 1/ Escalation widened beyond Hormuz. Houthis struck Riyadh airport twice (Oct 10–11), killing civilians and disrupting Saudi aviation. Iran reviewing US response via Qatar while talks stay active. Hormuz at 1 crossing vs. 26 avg; SPR down 30.5% YoY to 283.0m barrels. Critical supply squeeze.