The Yemen-based, Iranian-aligned Houthis targeted Israel over the weekend, the first time the group carried out an attack since the U.S.-Israel-Iran war began, and its entry into the conflict could have significant impacts on the global economy.

The Houthis launched two missiles at Israel on Saturday, though no casualties have been reported yet, but the possibility of the group moving to shut down shipping through the Red Sea could pose even more consequences for the world.