ANKARA – The Houthi capture of Yemen’s Red Sea coastline is reshaping the balance of power in the Persian Gulf, strengthening Iran’s hand and confronting Saudi Arabia and its neighbors with a difficult choice: absorb mounting costs or seek accommodation with Tehran.
By securing a position overlooking Bab el-Mandeb, one of the world’s most important shipping arteries, the Iran-aligned group has opened a second pressure point, threatening the Saudi oil exports diverted from the Strait of Hormuz.
The calculation, according to regional officials and analysts, is straightforward: By threatening Red Sea shipping while Iran chokes off Hormuz, Tehran and the Houthis can raise oil prices and fuel inflation while narrowing the region’s prospects of relying on Washington to resolve the crisis.
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