The Strait of Hormuz Is Already Closed — If the Houthis Shut Down Bab el-Mandeb and the Red Sea the Global Economy Could Fall Into a Depression

The Strait of Hormuz Is Already Closed — If the Houthis Shut Down Bab el-Mandeb and the Red Sea the Global Economy Could Fall Into a Depression

The Houthis have been quiet for five weeks of the Iran War — but they just announced they're intervening on behalf of Tehran. Iran already controls the Strait of Hormuz, blocking 20% of global oil. If the Houthis close the Strait of Bab el-Mandeb and disrupt Red Sea shipping, an additional 15% of global trade and 12% of seaborne oil would be cut off — forcing ships around the Cape of Good Hope, cutting Suez Canal traffic by 50%, and potentially …