Houthi Hijacking and Israel-Hamas War Escalate Threat to Global Shipping

Yemen's Iran-aligned Houthi rebels have warned that any ship crossing the Bab el-Mandeb Strait will be considered a "legitimate target," escalating the threat to one of the world's most important oil chokepoints. The rebels seized a cargo ship linked to an Israeli company, prompting Israel to blame Iran for the incident. The Bab el-Mandeb Strait is a crucial sea route connecting the Red Sea to the Arabian Sea, and it is used for the transit of petroleum and natural gas exports from the Persian Gulf. The heightened risk to commercial shipping comes ahead of the OPEC+ group's decision on production policy for next year.