Standard Chartered notes that oil markets must now account for two chokepoints: Hormuz and Bab el-Mandeb. Yemeni Houthis threaten to block oil tankers, leading to a sharp rise in oil prices.
Oil prices have retreated as hopes for renewed U.S.-Iran nuclear talks have emerged, but analysts warn that this pullback could be temporary. Europe, in particular, may face serious supply risks.
The Yemeni Houthis have stated they will block Bab el-Mandeb in retaliation for Saudi actions.
