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Saudi Arabia's Way Around Hormuz Is Shut, and Its Way Out of the Red Sea Is Held by the Houthis

The pipeline was never a complete bypass. It moved the Gulf's chokepoint problem to the other side of the Arabian Peninsula, and this weekend the other side acquired a chokepoint problem of its own.

A container ship seen from directly above, crossing deep blue water near a reef.

A cargo ship at sea. About 12 percent of world trade passes the Bab al-Mandab, and the island that divides its two lanes changed hands this weekend. File photograph; not the location.

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A fuel pump nozzle at a petrol station.
Fuel prices move within days of the crude benchmark, which makes energy close to the only inflation households feel before the statistics report it. File photograph.

The Pump Is Where the Shock Reaches the Household

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The Chipmaker Bought the Neutral Ground

A distribution layer is worth most when it is neutral and worth most to an owner when it is not. Both statements are true, which is why these acquisitions keep happening and keep changing the thing acquired.

Alison Acosta

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The Hormuz Closure13 stories

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