Yemen's Houthi rebels announced a missile attack on Israel and a ban on Israeli shipping through the Red Sea on Monday. The Bab el-Mandeb Strait, which handles roughly 12% of global maritime trade and $1 trillion in annual goods, has seen nearly 200 Houthi attacks on cargo ships since the start of the Israel-Hamas war. Oil flows through the strait fell from 8.8 million to around 4 million barrels per day during prior Houthi operations.