Red Sea and Bab al-Mandeb disruption risk

Markets are struggling to price an unprecedented supply shock amid escalating geopolitical risk, with Brent above $115 despite supply disruptions. Omar Najia warned price signals are distorted and risks skewing the global economy. Zoe Upson highlighted shipping strain and seafarer stress. Jamie Ingram said real shortages are emerging, with demand destruction likely driven by policy, costs, and prolonged disruptions.