OIL FLOWS THROUGH CHOKEPOINTS 👀
60% of seaborne oil transits just three routes: Hormuz (~21 mb/d), Malacca (~24 mb/d), Suez + Bab el-Mandeb (~17 mb/d).
This is geographic concentration, not diversification disruptions reprice risk before inventories move.
History shows chokepoint stress gaps prices faster than supply losses; markets price optionality, not barrels.