Once again, the ancient geography of the Middle East asserts its hold over the modern world's energy calculus. As Houthi and Saudi forces escalate their conflict, oil markets have absorbed the uncertainty into their pricing, lifting Brent crude toward $107 a barrel by week's end — not because supply has failed, but because the possibility of failure carries its own weight. It is a reminder that in commodity markets, fear of scarcity and scarcity itself are often indistinguishable in their consequences.