A recent report of an armed attack on a cargo ship in the southern Red Sea highlights ongoing maritime risks in the region. This incident, occurring near Yemen, could reignite major disruptions to global shipping if the Bab el-Mandeb Strait becomes a hotspot again. Such a disruption would force vessels around the Cape of Good Hope, increasing transit times and costs for global trade. The Red Sea route, including the Suez Canal, is crucial, handling a significant portion of global maritime traffic, container trade, and oil supply. Asia is particularly vulnerable, as approximately 68% of Red Sea oil shipments are destined for the continent, especially India. Furthermore, a substantial amount of Asia-Europe trade, including manufactured goods and vital supply chain components, transits this route. Disruptions would lead to higher oil import costs for Asia and negatively impact its exports to Europe. This comes amidst news of mass funeral proceedings for Iran's Supreme Leader Ayatollah Ali Khamenei, who was reportedly killed in a US-Israeli airstrike. Following his death, Iran's new leadership is described as more hardline, and the regime has emerged emboldened after surviving previous strikes. Meanwhile, vessel traffic through the Strait of Hormuz has only recently normalized, with reports of ships turning back and Iran planning special considerations for friendly nations using the strait.