An escalating US-Iran conflict, Ukraine’s attacks on Russia’s energy sector and Tehran’s Houthi allies in Yemen opening a new front beyond the Mideast Gulf are merging into a perfect storm of energy disruptions. The trifecta of geopolitical risks comes as the shock absorbers that helped shield crude oil markets in the spring are wearing thin and elevated crack spreads and refining margins signal underlying market tightness. US military options and policy tools — namely sanctions, but also the administration's professed "energy dominance" agenda — do not appear to offer solutions to the trio of crises over an extended timeframe: Iran seeks to prolong the conflict until the US blinks; Ukraine-Russia diplomacy is moribund; and the Houthis are an unpredictable wild card.