February 07, 2024
Attacks on commercial shipping by the Iran-backed Houthi rebels in the Red Sea have thrown yet another wrench into global trade, which has already struggled in recent years due to the COVID-19 pandemic and the war in Ukraine.
The Red Sea is one of the busiest shipping lanes in the world, accounting for 30% of global container traffic. Due to the recent chaos, over a dozen shipping companies have rerouted their vessels around the tip of Africa – driving up costs and delays. This could also mean rising consumer prices at a time when inflation is already painfully high.
The US and its allies have made efforts to thwart Houthi attacks on shipping, but the Yemen-based militants have remained defiant. As recently as Tuesday, the Houthis fired multiple missiles at two ships in the Red Sea.
These are the commodities impacted by unrest in the Red Sea region.
More For You
U.S. President Donald Trump and Chinese President Xi Jinping talk as they leave after a bilateral meeting at Gimhae International Airport, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in Busan, South Korea, October 30, 2025.
REUTERS/Evelyn Hockstein
China has defied Western sanctions for years and buys as much as 90% of Iran’s oil exports.
Most Popular
Sponsored posts
Show your undying devotion to The Regime
Sponsored posts
Invested in America’s curiosity
Think you know what's going on around the world? Here's your chance to prove it.
President Bola Tinubu faces strong headwinds in his bid for a second term.
Ukraine's Minister of Defence Mykhailo Fedorov speaks at a joint press conference with his Swedish counterpart Pal Jonson (not pictured), amid Russia's attack on Ukraine, in Kyiv, Ukraine, July 1, 2026.
REUTERS/Alina Smutko
Critics have said that Zelensky – now in his seventh year in office – has been in power for too long.
© 2025 GZERO Media. All Rights Reserved | A Eurasia Group media company.