A view of the coast of Hudaydah (Hodeida), Yemen, near the Bab el-Mandeb Strait. Houthi threats to close the Bab el-Mandeb could further impact the global economy, already reeling from the crisis in the Strait of Hormuz. (Shutterstock/Sergey-73)

The Strait of Hormuz Isn’t the Only Vital Chokepoint Under Threat

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The Houthis in Yemen have threatened to resume their blockade of Saudi oil traffic through the Bab el-Mandeb—a development that could further raise global oil prices.

As of this week, the Strait of Hormuz is “open” for commercial transit, according to the US Central Command (CENTCOM), which oversees US military operations in the Middle East. Despite CENTCOM’s reassurances, however, traffic remains severely disrupted and far below pre-conflict levels due to the ongoing US and Iranian military engagements in the region. Even as the US Navy and CENTCOM continue to escort ships through Hormuz, the Islamic Republic is actively targeting and attacking commercial vessels—and the risk of an attack, even despite US protection, is significant enough that most shipping and insurance firms are unwilling to take the risk.

The lack of traffic sent oil prices higher on Wednesday, with Brent crude surpassing $93 per barrel and US West Texas Intermediate (WTI) reaching $86. (The fungibility of oil and the tight integration of global markets means that even oil supplies with no connection to the Persian Gulf—Brent Crude from the North Sea, WTI from Texas—are affected by the Hormuz blockade.) The US national average gas price once again passed $4 per gallon earlier this week after a brief decline in June and early July, according to the American Automobile Association (AAA). 

As bad as the situation at the pump is for many Americans, it could still get worse, as one of Tehran’s regional proxies threatened to impose a naval blockade of Saudi Arabia this week. The Yemen-based Houthis could open a new front against the United States and the West, which could........

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