The Iranian-backed Houthi rebels' capture of Yemen's port city of Mocha means that Iran now effectively controls two crucial waterways in the region – the Bab al-Mandab Strait to the Red Sea and thus the Suez Canal, as well as the Hormuz Strait. Why has this simmering conflict exploded again? What do Iran and the Houthis want? How serious is this potential blockade for world trade and energy supply? And could the Houthis become a regional power, in economic terms even more powerful than Iran?

Bronwen Maddox is joined by director of Chatham House's Middle East and North Africa Programme, Dr Sanam Vakil; Horn of Africa specialist Ahmed Soliman; and Yemen and Gulf specialist, Farea Al-Muslimi, who joins us from Jordan.

Produced by Podmasters, with thanks to Sara Seth and Stephen Farrell.

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