US gas prices are high and getting higher, and Saudi oil exports are being choked off — bad news for drivers, oil markets, and the global economy.

• The biggest ship insurers at Lloyd's of London just stopped covering any Saudi-linked vessels in the Red Sea after Houthi attacks, which effectively blocks much of Saudi Arabia's oil from shipping out.
• With both the Strait of Hormuz and the Red Sea route closed off, Saudi oil now depends on one narrow path through the Suez Canal — and the biggest tankers can't even fit through it.
• Saudi oil facilities, including the main Aramco site, are under repeated drone and missile attacks from the Houthis and Iran-linked Iraqi militias, threatening 4-5% of the world's oil supply.
• Gas is averaging $4.11 nationally and $5.64 in California, and Iran says it won't return to talks, so there's no quick off-ramp.
• Over 600 US service members have been killed or wounded since the war on Iran began in February, and Iran now looks more likely to build a nuclear weapon, not less.

Outlook: With supply routes shut and Saudi facilities under fire, oil prices and gas prices are likely to keep climbing unless the war winds down.