Global Shipping Giants Pause Operations in Red Sea Amid Rising Attacks, U.S. Contemplates Yemen Strike
Global shipping firms, including CMA CGM, Hapag-Lloyd, Maersk, and MSC, have suspended their services in the Red Sea due to escalating attacks by Iran-backed Houthi militants. The Red Sea route is crucial for traffic from the Suez Canal, and its closure could have significant implications for the world economy. The crisis raises concerns about the costs of trade, supply chain disruptions, and increased insurance premiums. The situation also poses risks of military escalation in the Middle East, as Western countries consider naval activity and potential attacks on the Houthis to restore free passage.