Houthi rebels have seized Yemen's entire western coastline and the Bab al-Mandeb strait, a bad turn for Saudi Arabia, global shipping, and oil buyers.

• The Saudi-backed counterattack fell apart in days as allied militias split, ran, and abandoned cities like Hayes and Mocha without much of a fight.
• Houthi fighters now hold the headland and the island that control both channels of the Bab al-Mandeb, where about 10% of world shipping passes.
• Oil jumped from the low $90s to above $100 a barrel as traders priced in the risk of a Red Sea blockade.
• A separatist group backed by the UAE stabbed the Saudi coalition in the back, trapping Yemen's defense minister in a besieged camp.
• Saudi Arabia's new defense partners, Turkey and Pakistan, have both ruled out stepping in, and no wider naval mission looks likely after the last one failed.

Outlook: Expect higher shipping and oil costs while the Houthis decide whether to consolidate, push on toward Taiz, or start squeezing traffic through the strait.