Last week, Houthi forces in Yemen captured the Red Sea port city of Mokha. It’s the most consequential Houthi victory since the Iranian-backed group seized the Yemeni capital Sanaa 12 years ago.

While the Houthis have long targeted shipping with missiles and drones launched from the inland highlands, Mokha and nearby Perim Island give the Houthis direct control over the Bab el Mandeb gateway into the Red Sea. The price hikes American consumers have already weathered are now just the tip of the iceberg, nor will that be the end of the pain. Somali pirates are already stepping up to get their pound of flesh from ships heading around Africa.