The chokepoint framing is the right lens. One transmission channel worth adding on the power side: even where the crude shock doesn't hit electricity directly, it tends to drag gas with it — LNG arbitrage links Henry Hub to the same tanker-and-strait risk premium, and on most US grids gas is the marginal unit that sets the wholesale power price. So a Bab el-Mandeb scenario doesn't just widen the import bill; a few weeks later it shows up in power markets that ran on cheap gas all decade. The refined-product bottleneck you flag rhymes with a quieter one in electricity — the hardware (transformers, turbines) is the real constraint, not the fuel.