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[Yemen in Crisis: Bab el-Mandeb Strait May Become a Second Battlefield, Global Shipping Lifeline Faces Double Blockade] ⑴ Iran has informed the Houthi rebels to prepare to close the Bab el-Mandeb Strait in retaliation for a potential US attack on its power infrastructure. If implemented, this would open a second maritime front, in addition to the Strait of Hormuz, to disrupt global trade. ⑵ Traffic in the Strait of Hormuz has already plummeted due to the US-Iran confrontation, and Brent crude oil prices rose significantly this week. If the Bab el-Mandeb Strait closes simultaneously, maritime transport between Asia and Europe will be reduced to a long-distance route around the Cape of Good Hope, significantly increasing transport time and fuel costs. ⑶ Saudi Arabia has successfully bypassed the Strait of Hormuz by transporting crude oil from its eastern oil fields to the Red Sea port of Yanbu via the East-West Pipeline. However, this flow now must pass through the Bab el-Mandeb Strait to reach Asian markets, and the security of this vital waterway directly determines the effectiveness of alternative routes. (4) From late 2023 to early 2025, the Houthi rebels launched over a hundred missile and drone attacks on Red Sea merchant ships, forcing container shipping routes to largely detour around Africa. Egypt's Suez Canal toll revenue plummeted by over 60%. If the operation escalates again, the impact will be even more profound. (5) Analysts point out that the Houthi rebels possess the missile and drone capabilities to implement a blockade, and that the Iranian Revolutionary Guard's personnel in Yemen may be involved in the operation. However, whether the organization will ultimately execute the orders remains uncertain, and any substantial blockade could provoke a broader military response. (6) Simultaneous blockade of the Strait of Hormuz and the Bab el-Mandeb Strait would paralyze approximately 20% of global oil trade and a significant proportion of liquefied natural gas and container cargo transportation. Economists warn that oil prices could experience an extreme surge due to supply panic, directly impacting fuel imports and consumer goods prices in emerging Asian economies.