Houthi attacks raise the risk of Middle East conflict and more damage to the global economy

So what effect does all this have on the wider region?

First of all, it should be noted that two countries previously torn apart by devastating civil wars – Iraq and Syria – are now at least relatively peaceful and stable.

The war in Gaza is technically under a ceasefire, although Gazans continue to be killed in airstrikes, while Israeli settlements continue to expand in the occupied West Bank, illegal under international law. Israel’s war with Lebanon’s Hezbollah comes as the two countries continue to negotiate.

But now the most worrying analysts are the Gulf and the Arabian Peninsula.

Trump is locked in a war with Iran that he can’t seem to find a way out of.

Day and night US airstrikes have failed to force Iran’s Revolutionary Guard Corps (IRGC) to take control of the Strait of Hormuz.

With each airstrike, the IRGC strikes neighboring Arab states that host US military bases, trying to drive a wedge between them and Washington.

Economically, time is running out. Every day the Gulf’s oil, gas, fertilizer and other essential commodities cannot go to market via the Strait of Hormuz, putting pressure on global supply chains and ultimately prices.

If the Bab El Mandeb Strait is also closed for a period of time, the impact on the global economy will be exacerbated.

From a military perspective, tensions rose another notch with Wednesday’s deal, which paves the way for U.S. companies to allow Saudi Arabia to develop its own domestic civilian nuclear power program.

There is no indication that the Saudis will use this as a first step toward building a nuclear bomb.

But there are still fears it could spark a future arms race in the region, with Turkey and Egypt ramping up their own nuclear activities as they seek some form of deterrence and protection.

The Middle East has suffered many victims of violence in its recent history and this is not the worst of them all.

But taken together, there are several areas of concern that could portend prolonged instability for the region — in the absence of a lasting comprehensive agreement between the U.S. and Iran.