"The combined effect of both waterways being shut to commercial traffic from countries that neither the Iranians nor Houthis favour would be devastating."
"Oil prices rallied and stocks tumbled again on Monday as the Middle East crisis escalated with the entry of Yemen's Houthis into the war."
"The market is now reacting to higher crude pricing and towards the fallout in the economic consequences."
Yemen's Houthis have entered the Iran war, raising concerns about their potential to disrupt Red Sea shipping. Their proximity to the Bab al-Mandab strait could allow them to close this vital waterway, similar to Iran's actions in the Strait of Hormuz. The closure of both waterways would severely affect commercial traffic from countries opposed by Iran and the Houthis. The escalation has led to rising oil prices and falling stock markets globally, with fears of inflation impacting the world economy.
Read at www.theguardian.com
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