War headlines today.
- Houthis capture the entire Bab al-Mandeb coastline and bomb the Yanbu pipeline in six places. Mwhaha.
- Nuke alert: Pickaxe Mountain propaganda spreads.
- Saudis report lowest monthly oil output since 1990.
- UKMT reports four unknown projectiles hit two tankers in the strait overnight. How reassuring.
It was a relatively quiet day on the Persian front, but not in the markets. This is what happens when you suppress a price without addressing the fundamentals. Stability leads to instability in the end.
