What happens if both Bab al‑Mandab and the Strait of Hormuz are closed?

Kayhan, in an article, examined the events that could follow the closure of the two strategic waterways, Bab al‑Mandab and the Strait of Hormuz.

According to Kayhan, the convergence of security threats in these two strategic chokepoints would push global trade into a new phase—one in which rising transportation costs, disruptions in oil exports, pressure on the Suez Canal, and the spread of crisis to major world economies would be only part of the potential consequences of a simultaneous shutdown of these vital passages. ...