The Houthis say it is all about supporting Hamas but they have been pretty indiscriminate about what ships to attack causing insurance costs to skyrocket for shipping in that area. Many, probably most, shippers now are using alternate more expensive routes for their ships.
The alarming thing now to me is that it initially was the USA and UK retaliating against the Houthi. According to BBC it also now involves Australia, Bahrain, Canada, and the Netherlands.
When Hamas launched its initial attack on Israel on Oct 7 killing roughly 1400 people in Israel, pretty much the entire developed world denounced that. China however did not but adopted a wait and see approach. North Korea openly supports Hamas. Even though Bahrain is helping retaliate against the Houthi, other Arab nations are probably torn on bombing other Arabs.
The Houthi like many terrorist groups are largely funded by Iran who along with Turkey and Qatar are the largest funders of Hamas. We don't know how close Iran is to having a working nuclear weapon but as the Hamas/Israel war continues to spread to Syria, Lebanon, etc. and now Yemen and there is more military action from NATO, should China and North Korea get militarily involved. . .
WWIII looks more and more possible.