Does Houthi advance accelerate Berbera’s bid to become the bypass?

Whatever the outcome of Houthi advance, the trend line is unmistakable: the Houthis are converting territorial control into leverage over one of the world’s busiest chokepoints, and every actor with a stake in Red Sea transi shippers, insurers, Gulf capitals, and Washington alike is now pricing a scenario in which passage through the strait carries a persistent Iranian-aligned toll.