Red Sea chaos escalated recently as Houthi rebels sank the dry-bulk freighter Tutor using a kamikaze drone boat, sending commercial shipping costs soaring. Insurance rates for vessels now reach 6% of their value, impacting global containerized freight and port operations.

Iran-supported Gulf of Aden, the vital Bab el-Mandeb chokepoint, and commercial ships in the southern Red Sea are the targets of increasing rocket and drone attacks by the Houthi rebels. The rebels have vowed to cross i...