What's happened
Houthi rebel attacks in the Red Sea disrupt global trade and cause oil prices to surge, impacting shipping routes and global supplies.
Why it matters
The attacks pose a threat to the global economy, impacting shipping routes and potentially causing higher prices and shortages of goods. The disruptions also add to fears of regional escalation of the Israel-Hamas conflict.
What the papers say
The Times reports that oil prices rose sharply amid fears of disruptions to global supplies, while The Guardian highlights UK retail bosses' warnings of delayed shipments and potential price rises. Business Insider UK emphasizes the impact of Houthi attacks on cargo routes and the tensions in the Middle East on oil prices.
How we got here
Houthi rebels in Yemen have been targeting commercial vessels in the Red Sea, leading to disruptions in global trade and a surge in oil prices. The attacks have prompted shipping companies to divert vessels away from the region, impacting shipping routes and potentially causing higher prices and shortages of goods.
More on these topics
-
The Red Sea is a seawater inlet of the Indian Ocean, lying between Africa and Asia. The connection to the ocean is in the south through the Bab el Mandeb strait and the Gulf of Aden.
-
The Organization of the Petroleum Exporting Countries is an intergovernmental organization of 13 nations. Founded on 14 September 1960 in Baghdad by the first five members, it has since 1965 been headquartered in Vienna, Austria.
-
The United States of America, commonly known as the United States or America, is a country mostly located in central North America, between Canada and Mexico.
-
The Middle East is a transcontinental region that generally includes Western Asia, all of Egypt, Iran, and Turkey. Soviet Central Asia, Afghanistan, and Pakistan are generally excluded.
-
Iran, also called Persia, and officially the Islamic Republic of Iran, is a country in Western Asia. It is bordered to the northwest by Armenia and Azerbaijan, to the north by the Caspian Sea, to the northeast by Turkmenistan, to the east by Afghanistan a
-
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country located off the northÂwestern coast of the European mainland.
-
The Houthi movement, officially called Ansar Allah and colloquially simply Houthis, is an Islamic political and armed movement that emerged from Sa'dah in northern Yemen in the 1990s.