The Red Sea crisis has emerged as a critical flashpoint of the conflict in the Middle East, upending global trade and maritime transport, port activity in the MENA region, and ecological balance of the Red Sea. The MENA Economic Policy Prosperity team, in collaboration with the DEC Data Lab, has been monitoring the crisis from the outset. Their initial analysis was published in May 2024 in MENA FCV Economic Brief No.1. In this Brief, we provide an update nearly a year after the crisis began, offering an expanded analysis and reflections on the highly uncertain outlook.