New war tactic nothing to do with Iran could devastate the world economy even more

Another possible threat is emerging in the Bab al-Mandeb Strait, an important shipping route between Yemen and the Horn of Africa.

Approximately 8.8 million oil barrels a day pass through this corridor along with 10 to 12 percent of global maritime trade.

And because it links the Red Sea to the Gulf of Aden, providing access to the Suez Canal, it is one of the most critical routes connecting Asia, Europe and the Middle East.

The worry is that Yemen’s Houthi rebel movement has warned that its forces are ready for military action and could attempt to block this passage.

They have a history of targeting commercial ships using missiles and drones, carrying out dozens of strikes through the Red Sea since 2023.

Because of these attacks, global shipping patterns changed dramatically.

Yemen’s Houthi rebel movement could attack ships in the passage (HANDOUT / Contributor)

As a result, container vessel traffic through the Red Sea dropped by as much as 75 to 90 percent in some periods between 2023 and 2024. It caused delays, higher fuel costs and disruption to global supply chains.

The Houthis have hinted that closing the Bab al-Mandeb Strait is a possible military option.

If they attempted this, they could use their naval drones and anti-ship missiles launched from Yemen’s coastline, or direct attacks on commercial vessels.

Major oil companies have already acted by suspending journeys through the Red Sea. Instead, ships are rerouting around the Cape of Good Hope at the southern tip of Africa.

While safer, this alternative route creates major economic problems. Voyages between Asia and Europe now take 12 to 15 days longer, which significantly increases fuel costs and delays cargo deliveries.

More than 1,200 people in Iran have died since the start of the war (Majid Saeedi/Getty Images)

Oil prices have climbed above $110 per barrel, and analysts warn that if both Bab al-Mandeb and the Strait of Hormuz were disrupted at the same time, oil prices could rise to $120 or higher.

Meanwhile, Donald Trump said his military may carry out further strikes on Iran’s Kharg Island oil export hub.

Kharg Island stores the oil and loads it onto large tankers bound for international markets, making up around 90 percent of the country's oil exports.

The president has claimed that the US has 'totally demolished' most of the island which receives crude oil from major fields in the Persian Gulf.

He suggested to NBC that it may hit the site 'a few more times just for fun'.

“We’ve totally decimated it,” Trump said.

“Except, as you know, I didn’t do anything having to do with the energy lines, because having to rebuild that would take years.”