Yemen Burns, Hormuz Chokes: Britain's Fiscal Reckoning With the Middle East Crisis

Yemen's civil war has reignited with devastating force — around 1,000 people killed or wounded and tens of thousands displaced in the most significant fighting between Iran-aligned Houthis and Saudi-backed government forces in years. The violence threatens to choke another critical shipping lane just as the Strait of Hormuz remains contested, sending Brent crude surging 6% to above $107 a barrel. The European Central Bank responded by hiking rates to 2.5%, with...