The Houthis' blockade of Bab al-Mandeb threatens a vital global trade route.
Insurance rates through Hormuz are currently four times the five-year average.
With the Houthi naval blockade, shipping disruptions now impact the Bab al-Mandeb strait in addition to Hormuz.
About 6 million barrels of crude per day that pass through the strait to Asia are now at risk, experts say.
Defense Secretary Pete Hegseth tells US senators that the war has cost the US $37.5bn so far.
After the Strait of Hormuz, Iran's IRGC warns it could next target Bab al-Mandeb.
If the fighting in Yemen expands, and the Houthis try to block the Bab al-Mandeb, the world economy faces a new shock.