The Second Chokepoint: Hormuz is already shaking markets. If the Red Sea follows, the shock doubles. As the war between the United States, Israel and Iran deepens, a second, quieter front is emerging—one that could prove just as consequential for the global economy. Yemen’s Iran-aligned Houthi movement is signaling restraint. But that restraint is strategic, not … Continue reading Houthis Wait, Watch—and Hold the Red Sea in Reserve