Petroleum surged past $100/barrel after Iran's Houthie allies opened a new front in the Iran War: President Donald Trump promised today “major military punishment” for Iran and its Houthi allies, after the Yemeni fighters struck two Saudi oil tankers in the Red Sea, extending the Middle East war to a second major shipping chokepoint. Here is thus the current situation: Iraq, Qatar, Kuwait and Bahrain depend almost entirely on Hormuz to export their oil or liquefied natural gas. Saudi Arabia and the United Arab Emirates are also heavily reliant on the waterway but have pipelines connecting production centres to alternative terminals on the Red Sea and the Gulf of Oman. During the Strait of Hormuz’s essential closure for most of the past five months, Saudi Arabia redirected growing volumes of crude through Yanbu. The port exported about 4.1 million barrels per day in June, rerouting roughly 64 percent of the Saudi oil that would otherwise have left through Hormuz, according to Kpler....