Having choked off shipping through the Strait of Hormuz, Iran is now using the Houthis to extend its threat to global trade and energy supplies beyond the Persian Gulf.

Houthis closed the Bab el-Mandeb Strait, threatening 60% of Middle East oil exports. Closure by September 30 at 17.5% YES.

Iran shifts focus to the Red Sea, leveraging Houthi rebels amid US tensions. Strait of Hormuz traffic returns to normal by August 31 at 12.5% YES.