Oil broke $100 a barrel as U.S.-Iran fighting continued and two of the world's most critical shipping lanes — the Strait of Hormuz and Bab al-Mandeb — came under simultaneous threat. The Strait of Hormuz alone handles about 21% of global oil supply; Iran controls its northern shore. The Bab al-Mandeb, through which Red Sea traffic reaches the Suez Canal, has been subject to Houthi sea-lane mining since September 4. On September 7, Saudi pipeline infrastructure was struck, and on September 16, a Houthi drone was intercepted near Mecca's airspace, prompting Saudi Arabia to issue a public red-line warning. Markets are pricing in risk accordingly.