The world’s two great oil arteries, the Strait of Hormuz and the Bab-el-Mandeb strait, are under threat at once — and crude is already paying the price. Qatar has warned that shutting the Bab al-Mandeb would be “catastrophic,” as Iran-backed Yemen’s Houthis claim that the strait was safe for navigation. This comes even as Iran-Gulf talks to calm the Strait of Hormuz was called off. Both chokepoints in the crosshairs, oil surging, a full-blown energy shock now looming — the Gulf is edging toward the brink.

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