Iran and Houthi forces seize control of two major maritime chokepoints

Iran and its allies have intensified actions to impede oil shipments through the Strait of Hormuz, a response to recent attacks on Tehran. At the same time, Yemen's Houthi militia announced on Sept. 11 that it seized Perim Island, giving it control over the Bab el-Mandeb Strait. The combined control of these two strategic passages could further restrict the flow of oil and other commodities between Asia, Europe and the United States.

Analysts at the Anaween Research Center said the Houthi move appears intended to provide Iran with additional leverage in the Red Sea and to increase pressure on Saudi Arabia's energy exports. Saudi forces responded with airstrikes on the Yemeni port city of Mokha, now under Houthi control.

"If the Houthis manage to solidify control over Mokha ... this would not merely represent a military setback for the Yemeni government. Instead, it would create a new reality for the security of Bab al-Mandab and could transform the Yemen file from a regional negotiation issue into one of the most significant international conflict cards with Iran," the analysts wrote.

The disruptions pushed Brent crude to nearly $110 a barrel before settling around $104 on Sept. 11. Senior equity trader Rebecca Babin noted that previous market workarounds, such as diverting barrels through the Red Sea, are now at risk, leaving no clear alternative route. Energy strategist Clay Seigle described the outlook for energy security as bleak, citing rising diesel prices and refinery slowdowns in the Middle East, Russia and China as factors that could fuel inflation and higher interest rates.