time.com

BY GREGORY BREW
DECEMBER 19, 2023 12:00 AM EST
Gregory Brew is a historian of international energy, U.S. foreign policy, the Cold War, U.S.-Iranian relations, and modern Iran. He is currently an Analyst at Eurasia Group.
After two months, the crisis in the Middle East is poised to seriously disrupt the global economy as well as regional stability—thanks to the Houthis, a rebel Shi’a group in Yemen, and their successful effort to disrupt shipping through the Red Sea.
While attacks by the Houthis on commercial shipping began on November 19, they escalated last week, with the Yemeni rebels firing anti-ship ballistic missiles at several passing ships and hitting one (the first time such a weapon has ever been used successfully). As none of the ships were bound for Israel or owned by Israeli companies, the attacks signaled the Houthis were stepping up their efforts to pressure local commerce as a way to force Israel to suspend its campaign in Gaza.
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Shipping companies got the message. Five of the largest shipping firms announced they would redirect their container ships away from the Bab al Mandab strait, the strategic waterway through which ships must pass on their way to the Suez Canal and which handles over 10% of global commerce.
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