Eric and I have been debating whether the war with Iran is in a state of “unstable equilibrium.” The news today suggests more instability than equilibrium. The Wall Street Journal reports that the Saudis have closed down their pipeline to the Red Sea after it has suffered from multiple strikes (presumably from Iran itself, or the Houthis, or possibly Iran-sponsored Iraqi militias). Meanwhile, the Houthis have taken over the city of Mokha and an island in the Bab el Mandeb, the strait that controls entrance to and exit from the Red Sea.