A New Suez Crisis Looming, Threatens The World Economy

Bab al-Mandab is a narrow strait between Africa and the Arabian Peninsula through which an estimated 12% of global trade by volume normally flows, and perhaps 30% of global container traffic. It has become a no-go zone as the Iran-backed Houthis, based in Yemen, attack shipping, ostensibly in support of the Palestinians in Gaza, over the Israel-Hamas War. 🔶️ The crisis has two big implications; one for the world economy and the other regarding the risks of military escalation in the Middle East as Western countries try to re-establish order. Start with the economy. Revenue from the Suez canal is…