Kuala Lampur, Sept. 11 -- SEPTEMBER 11 - The world is increasingly trapped between two narrow bodies of water: the Red Sea and the Strait of Hormuz.

Neither is large on a map.

Yet both have become disproportionately important to the functioning of the international economy.

If instability around them deepens simultaneously, the consequences will not remain confined to West Asia.

They will travel through energy markets, shipping routes, insurance premiums, inflation and eventually the everyday cost of living across Asia and Asean.

The latest fighting in Yemen therefore deserves much more attention than it has received.

The Houthi movement is seeking to consolidate its position along Yemen's Red Sea coast.

Its advance towards the str...