Houthi attacks raise fears of wider Middle East conflict and more global economic damage

So what effect is all this having on the wider region?

Firstly, it is important to note that two countries previously wracked by ruinous civil wars – Iraq and Syria – are now largely peaceful and stable, at least compared to where they were.

The Gaza War is technically in a ceasefire, although Gazans continue to be killed in air strikes, while Israeli settlements, illegal under international law, are proliferating across the occupied West Bank. Israel’s war with Hezbollah in Lebanon is on hold as the two countries continue negotiations.

But right now it is the Gulf and the Arabian Peninsula that are worrying analysts the most.

Trump has got himself into a war with Iran that he cannot seem to find a way out of.

Night after night of US airstrikes are failing to force Iran’s Revolutionary Guard Corps (IRGC) to give up control of the Strait of Hormuz.

With every air strike, the IRGC hits back at those neighbouring Arab states that host US bases, trying to drive a wedge between them and Washington.

From an economic perspective, the clock is ticking. Every day that Gulf oil, gas, fertiliser and other essential products cannot get through the Strait of Hormuz to markets puts pressure on global supply chains and eventually prices.

If the Bab El Mandeb Strait is also going to be shut for some time then the impact on the world economy will be exacerbated further.

From a military perspective, tensions have been raised another notch by the deal announced on Wednesday, paving the way for US firms to help Saudi Arabia develop its own domestic civil nuclear power programme.

There is no indication that the Saudis will use this as a first step towards building a nuclear bomb.

But there are still fears it could potentially trigger an arms race across the region in the future, with both Turkey and Egypt stepping up their own nuclear activities as they seek some form of deterrence and protection.

The Middle East has suffered numerous spikes of violence in its recent history and this is not the worst of those.

But taken together, there are a number of worrying strands here that – without a lasting, comprehensive deal between the US and Iran – could well indicate a prolonged period of instability for the region.