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As the U.S.-Israeli war on Iran enters its second month, Tehran seems to have finally thrown its left hook.

Over the past weekend, the Iran-backed Houthi militants in Yemen joined the war (after weeks of threats to do so) with an ineffective missile attack on southern Israel. Experts warn that greater Houthi involvement in the war could upend already edgy energy markets and further strain a U.S. military gearing up for possible ground actions against Iran itself. The biggest threat is that the Houthis could reprise their previous attacks on shipping in the Red Sea, which has become the only safety valve for trapped oil flows that cannot leave the Persian Gulf.

As the U.S.-Israeli war on Iran enters its second month, Tehran seems to have finally thrown its left hook.

Over the past weekend, the Iran-backed Houthi militants in Yemen joined the war (after weeks of threats to do so) with an ineffective missile attack on southern Israel. Experts warn that greater Houthi involvement in the war could upend already edgy energy markets and further strain a U.S. military gearing up for possible ground actions against Iran itself. The biggest threat is that the Houthis could reprise their previous attacks on shipping in the Red Sea, which has become the only safety valve for trapped oil flows that cannot leave the Persian Gulf.

“Houthi involvement represents a significant and potentially dangerous development—even if it still carries a largely symbolic dimension at........

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