Massive consumer disruption in Asia already (driving restrictions in Korea, sold-out pumps in Australia). If Houthis attack Red Sea shipping or Yanbu refinery, oil could spike $20-$40. Strait of Hormuz remains choked.

Traders looking for de-escalation but getting the opposite.

Red Sea is vital conduit for Saudi oil bypassing Hormuz. If closed, rerouting around Africa adds 1-2 months delay, worsening supply crisis.

Alternatives limited. Physical supply stuck in Persian Gulf. Only demand destruction can balance market now, spreading from Asia to West.