Blockade of two key oil chokepoints threatens global supply, triggering immediate commodity price risk.
What changed
BREAKING: IRAN SAYS IT HAS NOW FULLY BLOCKED THE BAB EL-MANDEB STRAIT, ALONG WITH THE COMPLETE CLOSURE OF THE STRAIT OF HORMUZ, WITH THE NEXT STEP BEING STRIKES ON OIL, GAS AND ENERGY INFRASTRUCTURE OF US-ALLIED GULF COUNTRIES IN RESPONSE TO TODAY'S ISRAELI STRIKES ON THE PETROCHEMICAL COMPLEX, PER A SOURCE CLOSE TO IRAN'S GHALIBAF. — VIA @HORMUZLETTER