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Yemen in crisis: a new global choke-point? -13 percent of world’s oil travels through Gulf of Aden as it travels up through Suez Canal — almost all of it heading to Europe. - Almost 8 percent of all world trade via shipping goes through Suez Canal. - lran is seen to be trying to build a “Shia Crescent.” - lran sees/fears being encircled by “Sunni Crescent.” - If Yemen falls completely to Houthi tribal control — de facto, becoming an lranian satellite — what threat does it pose to Saudi Arabia? - Question: will a nuclear deal with lran empower them regionally? Or will it further spur the Sunni nations to increase their defense efforts? Deutsche Bank Francis J. Kelly Global Public Affairs francis.j.kelly@db.com Jeddah Ethiopia Lf Q a Mashhad ma al ulpauel Esfahan ene Afg! =. e g qT Guilt Saudi Arabia Somalia’s Al Shabab Somalia Iran | _ United Arab ‘Emirates o Muscat Yemen: Iran . &) Backing the pjibouti CO = Houthi rebels Arab 17 HOUSE_OVERSIGHT_026811