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📰 Two Straits, One Price Chart The market has stopped treating the Iran war as a single-chokepoint story. Once the Houthis re-entered the fight, traders started pricing a second gate to the world’s oil supply: Bab al-Mandab. That is why this isn’t just about Hormuz anymore. Hormuz moves roughly a fifth of global oil flows, while Bab al-Mandab sits on the route into the Red Sea and the Suez corridor, so a combined disruption creates a much uglier arithmetic for tankers, insurance and container traffic. Strategic analysts at Stimson and the Atlantic Council have been warning that the Houthis are the least degraded actor in Iran’s proxy network and still hold leverage over that geography. Polymarket is reading the same script in real time. The market for a cease-fire by March 31 is barely alive, the odds of continued hostilities are overwhelmingly higher, and the Houthi strike-on-Israel bets are repricing sharply after today’s missile launch. Traders are also pricing the possibility that the next headline isn’t a peace deal but a second choke point, with Pakistan’s Islamabad talks and the $120 oil threshold now sitting in the same volatility bucket. The cleanest way to say it is this: one strait was already enough to panic the market, but two straits turn panic into a system. When the map gains a second lock, the price chart stops looking like a reaction and starts looking like a warning. #iran#houthis#hormuz#babelmmandeb#oil#markets#shipping#war 📱American Оbserver - Stay up to date on all important events 🇺🇸