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During the week of 19–25 October, the Gulf crisis moved beyond the Strait of Hormuz and onto the routes designed to bypass it. Houthi attacks reached Saudi cities and the Red Sea export terminal at Yanbu, exposing the vulnerability of Riyadh’s oil outlet. Washington’s warnings, diplomatic drawdowns and military preparations sharpened the prospect of renewed strikes on Iran, while Tehran raised its alert level. The consequences were already visible in oil and gas prices, European bond markets and the calculations of governments across the region. At the same time, Russia intensified attacks on Ukraine’s energy system, adding a second pressure point before winter. Yanbu exposes the limits of Saudi Arabia’s alternative route The week’s most consequential shift was the growing vulnerability of Saudi Arabia’s East–West...