When Hamas attacked Israel on October 7, people wondered how Israel would respond, and if Iran and the United States would be pulled into the conflict, either via proxies or direct, kinetic engagement. Few, if any, wondered what the impact would be on the global supply chain.

Today, the war between Israel and Hamas is threatening to disrupt shipping on one of the most important waterways in the world, the so-called I-95 of the seas, as Iran-backed Houthi Rebels fire missiles and drones at commercial vessels traveling in the Red Sea.

The Houthis are a Yemen-based rebel organization which emerged in the late 1980s and early 1990s, growing into a major fighting force at the turn of the century.

The Houthis overthrew Yemen’s government in 2014, gaining control of Yemen’s capital, Sanaa. The Houthis share the same religion as Iran’s leaders, a country that backs the Houthis with money, training, and weaponry.

Since the Israeli-Hamas war began, U.S. warships have shot down a number of cruise missiles and drones fired by the Houthi Rebels. Sunday, December 3 saw a “total of four attacks against three separate........

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