Global oil supply is being squeezed from every direction at once, and this is bad news for anyone who buys gas, heats a home, or depends on stable markets.

• The Houthis say they will blockade Saudi Arabia's Red Sea oil exports, cutting off one of the last routes still flowing after the Strait of Hormuz shut down.
• China is starting to buy oil again in big volumes, and because it's such a huge buyer, that alone could push prices sharply higher.
• Ukraine has knocked out more than half of Russia's oil refining capacity, removing another cushion from the global market.
• US oil inventories are down to about 43 days of supply — the lowest in 45 years — leaving almost no buffer if anything else goes wrong.
• Gas is back to $4 a gallon nationally, and John Mearsheimer warns the setup points to a much bigger economic shock ahead.

Outlook: With every backup supply nearly exhausted, a single extra shock — a hurricane, a ground invasion, another blockade — could send oil toward $150 and trigger real shortages.