For months the tanker market has priced two chokepoints — Hormuz and Bab el-Mandeb. This week's drone strike on Egypt's Damietta port, near the northern entrance to the Suez Canal, forces a third into the same conversation. The market may now need to price three corridors simultaneously.

When the Strait of Hormuz reopens, the consensus says sell tankers. But the world has drawn down hundreds of millions of barrels during the disruption — and refilling them needs ships. What if the reopening isn't the end of the trade, but the start of its second leg?