Brent Rises as Two-Chokepoint Scenario Enters Market Pricing

🛢️ MARKETS — Traders are pricing Bab el-Mandeb closure before it happens. 📌 LOOK CLOSER: Brent moving on the two-chokepoint threat signals markets now assign real probability to Houthi Red Sea closure — not just Hormuz paralysis. With SPR exhausted and Asian buyers already rationing, simultaneous Hormuz and Bab el-Mandeb disruption removes every major bypass route. Each dollar up from here is a rationing trigger for European importers with no buffer left.