Three Oil Chokepoints Disrupted at Once — No Detour Left

War threats choke Bab al-Mandeb, Hormuz, and the Black Sea simultaneously, per WSJ (July 21, 2026). Hormuz traffic has been near-dead since April. Saudi Arabia rerouted 3 million barrels/day through the Red Sea — rated Medium-risk by EUNAVOR July 22. Lloyd's List reports hull war premiums surging. No alternative route remains unthreatened, meaning higher shipping costs could lift fuel prices.