"Global Shipping Turmoil: Red Sea Tensions Drive Freight Costs and Tanker Rates Higher"
Despite increased attacks by Iran-backed Houthi rebels, tanker traffic through the Red Sea and Suez Canal remains steady, with freight rates on some routes experiencing a significant rise. Some operators, like BP and Equinor, have rerouted their ships to avoid the area, while others are selectively sending vessels through these "red hot" zones, leading to a surge in tanker rates due to the perceived risks.