Loose Houthis Can Sink Ships

Chevron CEO Michael Wirth warned yesterday in a CNBC interview that the Red Sea crisis could disrupt oil supplies and quickly push oil prices higher: "So much of the world's oil flows through that region that were it to be cut off, I think you could see things change very rapidly," he said. So what did the price of oil do today? It edged down (chart).

US National Security Advisor Jake Sullivan said nations with influence in Iran need to take a stronger stand to demonstrate the "entire world rejects wholesale the idea that a group like the Houthis can basically hijack the world as they are doing." It's not clear why the US isn't tightening sanctions on Iran.