By Dr. Abdellatif El-Menawy

Houthi Threat Evolves from Attacks to Economic Deterrence: The group’s recent “naval blockade” announcement and warnings against using any Red Sea ports demonstrate that their power lies less in the number of ships hit and more in their ability to raise insurance costs, force rerouting, and disrupt global trade without constant strikes.

Red Sea Linked to Broader Energy and Regional Crisis: With the Strait of Hormuz disrupted by the US-Iran conflict, the Houthis’ threats to the Bab Al-Mandab and Yanbu route turn the Red Sea into a secondary pressure point on Gulf oil exports, amplifying the global energy impact.

Complex Overlap of Local and Iranian Interests: While Iran provides support and coordination, the Houthis pursue their own goals of consolidating power and gaining recognition inside Yemen; the threat cannot be solved by military means alone and requires parallel diplomatic and political tracks.

It is easy to fall for the illusion that the Houthi threat to shipping in the Red Sea has receded. For months, images of burning vessels and missile attacks did not dominate news bulletins as they did at the height of the crisis. Yet recent developments have demonstrated that this lull did not mark the end of the threat. Rather, it was a transitional period in which the danger itself became an instrument of deterrence, negotiation and economic pressure.

On Monday, the Houthis went a step further, announcing what they described as a “naval blockade” and warning shipping companies against loading or unloading cargo at any Red Sea port. They threatened that vessels failing to comply could be targeted wherever they came within the reach of Houthi military capabilities. The threat was therefore no longer confined to ships alleged to be linked to Israel or bound for Israeli ports.

The Houthis’ success should not be measured by the number of ships they manage to hit but by their ability to alter the movement of global trade without firing a single missile.

The danger lies not only in the higher cost of shipping but also in the timing. With a........

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