Reports indicate an airstrike on Yemen's Red Sea port city of Hodeidah, with Reuters noting that fuel tanks were hit Sunday. The Iran-backed Houthis have launched missiles and drones at Israel and disrupted global trade by attacking 60 container ships in the Red Sea in response to Israel's ongoing assault on Hamas in Gaza. Over 90% of shipping traffic has been diverted around this area because of these attacks. Meanwhile on Friday, U.S. war ships were attacked by Houthis, with a barrage of missiles and drones sent to the ships which shot them down.

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Iran and Iran-back Hezbollah have promised retaliation for Israeli's pager attack and bombing which killed Hezbollah's leader as well as civilians. Israel has been bombing 1500 Hezbollah targets in Southern Lebanon for a week straight in response to 8,000 rockets launched at Israel by Hezbollah over an 11-month cycle. Civilian casualties are rising, as are the number of displaced civilians. While both sides' leader have stated an all-out war is not desired, it's hard to see how the situation can be de-escalated quickly enough to prevent one.  

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Iran plays a key role in controlling tanker passage through the Strait of Hormuz, which handles about 15% of global oil transport. If Iran got directly involved in this war, it could disrupt oil supply worldwide.

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