(https://www.cnbc.com/2026/07/22/houthis-red-sea-bab-el-mandeb-saudi-oil-iran.html) to cut off millions of barrels per day of Saudi crude. This isn't noise—it's a $50B+ annual revenue protection tax baked into refining margins now. XOM posts a net margin on annual revenue, while CVE generates $35.4B in annual revenue at a 7.9% net margin.

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