WorldWill the Houthis tank the global economy?

Over the past week, the Iran-backed Houthi militant group in Yemen has seized two strategic islands on the Red Sea coast, strengthening its control of the Bab al-Mandab, a major international shipping route. Saudi Arabia depends on access to export oil to Asia, while the closure of the Strait of Hormuz amid the Iran war raises the risk of a deeper global oil supply crisis.