Rising oil prices and Red Sea attacks: Understanding the Houthis and the Israel-Hamas conflict
Analysts have warned that attacks on commercial ships in the Red Sea by Houthi rebels in Yemen could lead to higher oil and goods prices. Several firms have halted shipments through the route, prompting the US to launch an international naval operation to protect ships. The Red Sea is a crucial route for oil and liquefied natural gas shipments, as well as consumer goods. The UK, Canada, France, Bahrain, Norway, and Spain have joined the security action. Despite efforts to improve security, shipping firms are uncertain when they can resume journeys along the route, leading to rerouting and potential disruptions in the global supply chain.