Houthi Advance Threatens Global Trade Routes
The Houthi rebels in Yemen have made significant gains, capturing the Red Sea port of Mokha and the strategic island of Mayun, also known as Perim. This advance brings their forces near a key chokepoint for global trade: the Bab el-Mandeb Strait.
The strait has been used as an alternative route for Saudi oil exports after shipping through the Strait of Hormuz was restricted due to Iranian threats. However, Houthi attacks on shipping in the Red Sea have already led to a 60% decrease in traffic since late 2023.
Richard Meade, editor-in-chief of Lloyd's List, notes that Saudi shipping has largely avoided the risk area, but the Houthi advance raises concerns about their future intentions. If they expand their threats, it could give them control over a key commercial route.