Both Chokepoints: Oil Breaks $100 as the Alternative Route Becomes the Target
Brent broke $100 for the first time since May after Houthi forces struck Saudi tankers in the Red Sea. The significance is not the number — it is that the Red Sea was Saudi Arabia's route around Hormuz, and it is now the target. With Saudi loadings down 36 percent and both ends of the Arabian Peninsula compromised, this has crossed from risk premium into physical disruption.