Six months down the road, as the conflict has reignited, the danger for the global oil market has diversified, no longer concentrated in a single waterway or oil-producing country. "If a ceasefire does not materialize," Rystad Energy head of geopolitical analysis Jorge León said, "the risk of a significant rebound in oil prices would be substantial." For global oil markets, already in a precarious situation, critical logistical nodes just keep getting thwarted. Attacks by the Houthi militia have threatened to curtail shipping through the Red Sea. After the first phase of the war drew down global oil inventories throughout both governmental strategic reserves and the commercial sector's own stores, the global oil market is now effectively functioning like a savings account for someone who just lost their job, Rabobank's DeLaura said.