Second Red Sea chokepoint risk lifts Buffett's Chevron stake

Buffett's 7.1% CVX stake gets a fresh oil-price tailwind. Houthis moving to seize Bab el-Mandeb adds a second chokepoint risk atop the Hormuz disruption, and CVX is among the most oil-levered majors, so its earnings swing hardest when crude stays high. Note the stock near $206 already trades at a premium, leaving little room for a crude pullback.