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  "text": "JP Morgan on oil:\n\n\"Yemen’s Houthi rebels have now formally joined the escalating Middle East conflict. While their involvement is not yet decisive, it introduces a second maritime pressure point in the Red Sea, alongside the Strait of Hormuz.\n\nThe immediate implication is geographic: the conflict is no longer concentrated in the Persian Gulf and around the Strait of Hormuz, but now extends into the Red Sea and the Bab el-Mandeb—one of the world’s most crucial chokepoints for crude and refined product flows. In effect, two major corridors of global energy trade are exposed simultaneously, narrowing rerouting options and increasing system-wide supply-chain risk.\"",
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