Red Sea Ship Attacks Drive Up Prices and Disrupt Supply Chains

Houthi attacks on ships in the Red Sea are causing disruptions to maritime trade, leading to fears of inflation and driving up prices of consumer goods. The recent missile strike on a Greek-owned vessel has prompted concerns about the impact on global supply chains, with companies like Michelin halting production in Spain due to delays in raw material deliveries. Major shipping companies are considering route changes, while war risk insurance premiums for Red Sea shipments are on the rise. The situation has also prompted discussions about creating a naval mission to protect ships from Houthi attacks in the Red Sea.