By securing a position overlooking Bab el-Mandeb, one of the world's most important shipping arteries, the Iran-aligned group has opened a second pressure point, threatening the Saudi oil exports diverted from the Strait of Hormuz.

The advance raises the threat to shipping near the Bab el-Mandeb Strait, a waterway that connects the Red Sea to the Gulf of Aden to global markets.

Yemen's Iran-backed Houthis seized a strategic Red Sea island on Friday after capturing territory along the coast, sealing their takeover of a vital shipping corridor linking…