Two Shipping Chokepoints Threaten Global Trade Amid Simultaneous Instability
The global economy is facing an unprecedented maritime crisis as instability around two major shipping chokepoints threatens global trade. The Strait of Hormuz and Bab Al-Mandab, both critical to international energy exports, are under simultaneous pressure.
The Strait of Hormuz has suffered the more severe disruption, with oil flows plummeting from 14.9 million barrels per day in the first quarter of 2026 to just 4.9 million bpd in the second quarter, according to US Energy Information Administration data. Only four commodity vessels crossed the strait on September 17, compared to a 10-day average of 16.
Bab Al-Mandab, which connects the Gulf of Aden with the Red Sea and the Suez Canal, has also seen increased concern over Houthi advances along Yemen's Red Sea coast. Although traffic has not stopped, the security risk has risen sharply.