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Iran-backed Houthi forces seized Yemen’s strategic port city of Mocha on Thursday and pushed toward positions overlooking the Bab el-Mandeb Strait, opening a potentially dangerous new front for global trade as shipping through the Strait of Hormuz remains severely constrained.

The advance threatens the southern gateway to the Red Sea just as Saudi Arabia has increasingly relied on that route to bypass Hormuz — putting pressure on critical shipping lanes on both sides of the Arabian Peninsula and raising the risk of further disruptions to oil and commercial traffic through a key global trade choke point.

“Now you have Iran on...

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