Oil's push to a fresh six week high reflects a rapidly escalating risk premium as two of the world's most important chokepoints, the Strait of Hormuz and the Bab el-Mandeb, both face active threats to shipping in the same session. Iran's claim of control over the Hormuz route, and its warning that tankers cannot pass without coordination, raises the prospect of a de facto disruption to a corridor carrying a substantial share of global crude and LNG flows, even before any confirmed stoppage in actual throughput. The Houthi blockade declaration against Saudi Arabia adds a second, largely independent threat vector in the Red Sea, compounding insurance and freight costs for tankers regardless of which route they attempt. The build in US crude stocks, against expectations for a draw, is likely to be overshadowed entirely by the geopolitical headlines, and risk sensitive currencies including the Australian dollar are likely to stay on the back foot while the conflict shows signs of widening rather than de-escalating.---Oil is surging on twin flashpoints, a claimed Iranian lockdown of Hormuz and a Houthi blockade of Saudi Arabia, as the risk premium builds fast.Summary:Brent crude rose to around $96 a barrel, a six week high, while WTI rose to around $88, both up roughly 2%US carried out a 12th consecutive night of strikes on IranTrump has vowed to destroy an Iranian bridge or power plant for every attack on a ship in the Strait of HormuzIran's Revolutionary Guards say the Strait of Hormuz is under their control and completely closed, warning tankers need Iranian coordination to transitHouthis claim to have struck Saudi tankers including the Encelia and forced around 10 vessels to retreat, declaring a naval blockade of Saudi ArabiaUS crude stocks rose by around 2 million barrels last week versus an expected draw, according to EIA dataOil prices jumped to their highest level in more than six weeks on Thursday, as a fresh round of US strikes on Iran and an escalating Houthi campaign against Saudi shipping combined to push a heavy risk premium back into crude markets. Brent crude climbed to around $96 a barrel, up roughly 2% and its strongest level since early June, building on a similarly sharp gain in the prior session. US West Texas Intermediate rose to around $88, also up close to 2%, extending Wednesday's near 3% advance.The US military confirmed a 12th consecutive night of strikes on Iran, coming hours after President Trump reiterated his warning that Washington would destroy an Iranian bridge or power plant for every attack Iran carries out on a vessel transiting the Strait of Hormuz. That threat marks a further escalation in a conflict that, as previously reported, has already surpassed $37bln in cost and drawn a growing US military buildup across the region.Iran's Revolutionary Guards said an oil tanker had caught fire after an explosion while attempting to cross what they described as a mined route south of the strait, and that two further tankers had turned back. The Guards said the waterway was now under their control and effectively closed, warning that no vessel would be permitted to enter or exit without coordinating with Iran, a claim that, if sustained, would represent a major escalation given the strait's role as a corridor for roughly a fifth of global oil shipments in normal conditions.Adding to the pressure, the Iran aligned Houthis have opened a second front by threatening vessels carrying Saudi oil through the Bab el-Mandeb Strait and declaring a naval blockade of Saudi Arabia, consistent with the group's own recent statements claiming strikes on the Saudi flagged tankers Encelia and Layla. Maritime security reports indicated the Encelia had indeed been hit in the Red Sea, and the Houthis said they had forced around 10 vessels to abandon plans to sail to Saudi ports, an account Reuters said it could not independently verify. Iran's Revolutionary Guards separately warned shipping companies via social media that the southern Hormuz route is mined. This article was written by Eamonn Sheridan at investinglive.com.