"Houthi Attacks in Red Sea Spark Shipping Crisis and Stock Surge"

Houthi militants, backed by Iran, have been carrying out drone attacks on cargo ships in the Red Sea, causing a major shipping crisis as vessels avoid the Suez Canal and reroute around southern Africa, adding significant time and cost to shipping. The attacks have led to a 30% increase in transit time, a $1 million increase in fuel costs per vessel, and a 90% rise in freight rates. The US has re-designated the Houthis as a terrorist group and intercepted numerous shipments of Iranian weapons to the group. The unconventional tactics of the Houthis, including firing missiles from pickup trucks, have made it difficult for the US military to track, but they have managed to intercept and destroy numerous weapons and drones.