Houthis just hit Saudi Aramco facilities again. Crude spiked immediately.

This isn't random. Tehran's military command reportedly shifting to a "more aggressive" posture. Translation: expect more disruptions to Gulf oil infrastructure.

Market's been complacent about Middle East supply risk for months. Energy names and $USO getting a bid now, but this could be the start of a bigger repricing if attacks escalate.

Watch $XLE and oil service plays. If this becomes a sustained campaign, refining margins and energy equities could run hard. Risk-off flows might rotate into defensive sectors too.

Geopolitical risk premium was basically zero. That's changing fast.