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World News Economy

All articles tagged with #world news economy

"Red Sea Turmoil Escalates as Shipping Costs Surge Amid Persistent Attacks"

Originally Published 2 years ago — by EL PAÍS USA

Yemeni Houthi rebels' attacks on merchant ships in the Red Sea have led to a significant disruption in world trade, with shipping costs soaring by 170% as major lines reroute around South Africa to avoid the Gulf of Aden. This shift has caused freight rates to nearly triple and has resulted in a 25% reduction in commercial traffic through the Suez Canal, impacting global economic stability and threatening further inflationary pressures. Despite the challenges, experts believe the inflationary impact will be limited if the disruption is short-lived.

business world-news-economy houthiattacks redseacrisis shippingcosts suezcanal world-news-economy worldtrade

"Iranian Warship Deployment Escalates Red Sea Tensions Following U.S. Action Against Houthis"

Originally Published 2 years ago — by CNBC

Oil prices have increased as tensions rise in the Red Sea following the entry of an Iranian warship and the U.S. destruction of Houthi boats. The region's instability, particularly Houthi attacks on vessels and the war in Gaza, has disrupted major shipping routes, leading companies to reroute and face higher costs. Despite these challenges, the U.S.-led Operation Prosperity Guardian has improved maritime security, encouraging companies like Maersk to resume operations in the area. However, analysts suggest that unless there is a significant escalation, the impact on oil prices may remain limited.

world world-news-economy houthiattacks iranianwarship maritimesecurity oilprices redsea world-news-economy