The escalating war around Saudi Arabia and the Red Sea is not merely another Middle Eastern conflict. It threatens two pillars of the international economic system: the free movement of global commerce and the security of the world’s energy supplies.

The Iran-backed Houthis’ expansion along Yemen’s Red Sea coast and their ability to threaten the Bab el Mandeb Strait have created a dangerous new front. This narrow waterway connecting the Red Sea with the Gulf of Aden is one of the world’s most important maritime chokepoints.