A Yemeni source close to the Houthis is quoted as saying that Iran has issued “instructions” to increase military activity in the Bab al-Mandab area and the Red Sea.
If true — this signals that Tehran is trying to exert maritime pressure leverage on another critical bottleneck for global trade and the Suez Canal route, in addition to the Strait of Hormuz, through proxies.
Even before the outbreak of the war, we saw the market react to the increasing level of risk. For example, the shipping giant Maersk announced on Friday the diversion of some sailings around the Cape of Good Hope due to “constraints” in the Red Sea operational area.
Meanwhile, the Greek shipping ministry warned yesterday that the conflict could spill over into the Red Sea and the Gulf of Aden because of the Iran–Houthi connection.
