For months now global oil has been grappling with conflict on two critical supply fronts — in the Mideast Gulf and Russia — so that by mid-July, markets appeared to teeter over an abyss. Not only has Iran again declared the Strait of Hormuz shut, but it has openly appealed to Yemen-based Houthis to impede westward flows of Saudi Arabia’s oil through the Bab al-Mandeb Strait. On Jul. 20, the Houthis responded by announcing a naval blockade against the kingdom, and if carried out, this would exacerbate the world’s supply crisis significantly. Calls for the US and Iran to declare a 10-day ceasefire and return to the 14-point framework agreement offset a surge of benchmark prices on futures markets, but the overall outlook at the time of publication is bleak. Brent futures are now beyond $91, a six-week high.