Ali Akbar Velayati, a senior adviser to Supreme Leader Khamenei, posted on X that "the unified command of the Resistance front views Bab al-Mandeb as it does Hormuz," per Al Jazeera. If Iran's Houthi allies follow through, a quarter of the world's energy supply would be locked behind two chokepoints. Brent is at $109.90, WTI at $111.63. Trump set a Tuesday 8 PM Eastern deadline for Hormuz to reopen, threatening strikes on Iranian infrastructure.

The market was already pricing one strait closure. Two would be a different equation entirely.