Yemen Rebel Attacks in Red Sea Raise Oil Prices and Shipping Costs
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Houthi rebels in Yemen are attacking shipping in the Red Sea, threatening global energy supplies and causing economic damage.
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Iran is providing support and coordination to the Houthis to cause instability and boost oil prices.
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Shipping companies are suspending operations or rerouting away from the Red Sea, impacting costs and revenues.
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Oil prices have climbed 7-10% and could increase 30% by March, also pushing up transportation and supply chain costs.
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Decisive military action is needed against the Houthis to neutralize the threat and prevent further economic impacts.