In today’s newsletter: As David Cameron warns of “flashing red” security risks since 7 October, the Guardian’s Jason Burke explains the dangers of regional escalation involving Iran’s proxies

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Good morning. “It is hard to think of a time when there has been so much danger and insecurity and instability in the world,” the UK’s foreign secretary David Cameron said yesterday. “The lights are absolutely flashing red, as it were, on the global dashboard.”

Cameron was referring, above all, to the regional instability unleashed by the war in Gaza. On Thursday, the UK and US launched strikes on more than 60 targets in Yemen, with the aim of degrading the Houthi militia’s ability to hit cargo ships in the Red Sea. Rishi Sunak will address MPs about the strikes today; Joe Biden has previously been cautious of any step that might trigger an unpredictable military response, and his secretary of state Antony Blinken said on Thursday, “I don’t think the conflict is escalating.” But like Cameron, he acknowledged that “there are lots of danger points”.

Health | An unprecedented medicines shortage in the NHS is endangering lives, pharmacists have said, as unpublished figures reveal that the number of products in short supply has doubled in two years. Causes of the crisis are thought to include the falling purchasing value of the pound and a government policy of taxing manufacturers. Read Daniel Boffey’s analysis.

Channel crossings | Five people have died and a sixth is in a critical condition after getting into difficulty in icy waters trying to reach the UK from northern France, the French maritime authority has said. The victims were part of a group of more than 70 people attempting to board boats off the seaside resort of Wimereux.

Iceland | Houses have caught fire in the fishing town of Grindavík in south-west Iceland after a volcano erupted for the second time in less than a month. Two fissures formed near the town on Sunday after an increase in seismic activity that prompted authorities to evacuate the community the day before.

Davos | The world’s five richest men have more than doubled their fortunes to £681.5bn since 2020, while the world’s poorest 60% have lost money. The details from Oxfam come as the world’s richest people gather for the annual World Economic Forum meeting of political leaders, corporate executives and the super-rich.

Monarchy | The only rehearsal for Queen Elizabeth II’s funeral had a band at the wrong start point, a Gentleman at Arms nearly crushed at Marble Arch and “everything that could go wrong … go wrong”, a new biography on King Charles has said. One official called the rehearsal “a comedy of errors”.