The Iran-backed Houthis in Yemen say they have launched a barrage of missiles against Israel - the first since the start of the US-Israel war with Iran. The group stated that it had targeted 'sensitive Israeli military sites' and pledged to continue such attacks. Israel reported intercepting one missile from Yemen.

The entry of this powerful Iranian proxy into the conflict escalates concerns regarding further disruptions to the world economy, as the armed group possesses the capability to threaten shipping activities in the Red Sea.

The Houthis identify as part of the so-called 'axis of resistance,' alongside other Iranian-funded entities such as Hezbollah in Lebanon and Hamas in the Gaza Strip. Yemen remains in the grip of a civil war that initiated 12 years ago when the Houthis seized control over the northwest territory, sparking a conflict that has drawn in a Saudi-led coalition.

Crucially, the group controls Yemen's vital Red Sea coastline, which exacerbates worries over maritime security in the region. Their involvement in the current conflict, which commenced with US and Israeli strikes on Iran on February 28, was widely anticipated.

Prior to the missile launch, the Houthi military spokesman emphasized their readiness for direct military intervention if any country supported US-Israeli actions or used the Red Sea for military operations against Iran.

Following the missile attacks, the Houthis reiterated their commitment to continue strikes 'until the aggression against all resistance fronts ceases,' referring to Israel's escalated operations targeting Hezbollah.

US and Israeli assaults against Iran remain ongoing, with President Trump delaying a threatened attack on Iranian power plants, contingent on Iran's actions regarding the strategic Strait of Hormuz, a vital route for global oil shipments.

The recent escalation of conflict among these factions raises considerable concerns over the safety and stability of essential global shipping lanes. Historically, the Houthis have attacked shipping in the Bab al-Mandab Strait, significantly impacting maritime trade.

As the geopolitical landscape continues to shift, global economic implications and regional security dynamics warrant close attention following the Houthis' latest military actions.