Why does Bab el-Mandeb Strait matter more than ever now as Iran threatens to shut it?

Iran has threatened to shut Bab el-Mandeb Strait, as movement through Strait of Hormuz remains restricted amid the Middle East war. This makes Bab el-Mandeb's importance far more pronounced as it's a gateway for shipments between Asia, Europe and beyond. If it's also shut, global oil shock could become more pronounced, and the war could begin affecting commodity shipments too.