Yemen’s Houthi rebels have declared their intention to target ships heading for Israel from anywhere within their range. This move increases regional tensions and raises concerns over the safety of international maritime trade routes. The threat comes amidst escalating conflict and geopolitical rivalries in the Middle East.
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Reports claim that anti-ship missiles and drones were hit in a strike in Yemen, according to the US military.
Oil prices remained largely unchanged as OPEC stuck to its demand growth forecasts and geopolitical tensions persisted. Brent futures and WTI crude registered marginal gains. China’s weakening demand countered the optimism. Ongoing conflicts in the Middle East heightened uncertainties. Traders took the attacks on energy facilities in Yemen and Russia in their stride. Concerns were eased by expectations of the delays not impacting oil prices in the long term.
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The US military conducted a self-defense strike against two Iranian-backed Houthi anti-ship missiles in its controlled areas of Yemen. The strike aimed to protect freedom of navigation and make international waters safer. Since November, Houthi fighters have targeted commercial and military vessels in the region.
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American and British forces carried out a fresh wave of strikes against 18 Houthi targets in Yemen, including weapons storage facilities and air defense systems. The strikes come in response to the rebels’ attacks on commercial and naval vessels in the Red Sea. The joint statement by several countries stressed the need for an international response to ensure global economic security and regional stability. The Houthis remain defiant, vowing to escalate military operations in the Red and Arab Seas.
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The Houthi rebels in Yemen are suspected of carrying out a missile attack on a ship in the Bab-el-Mandeb Strait. The rebels have been targeting ships in the Red Sea and Gulf of Aden since November in response to Israel’s war on Hamas in Gaza. Read more to stay updated on the situation.
Qatar’s Prime Minister has expressed concern that tensions in the Red Sea, specifically military strikes on Yemen, will negatively impact liquefied natural gas (LNG) shipments. He highlighted the increased exchanges with Yemen’s Huthi rebels and warned that alternative shipping routes are less efficient. Some shipping companies have already been forced to take a detour around southern Africa, disrupting global maritime trade. The premier stressed the need to address the central issue in Gaza to calm the situation in the Red Sea. The recent escalation of violence involving Iran-aligned groups in Yemen, Lebanon, Iraq, and Syria has raised fears of further spread and its global impact.
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Iran’s Revolutionary Guards attack Israel’s spy headquarters in Iraq’s Kurdistan region and strike in Syria against the Islamic State. The conflict escalates with Iran’s allies entering the fray. Lebanon’s Iran-backed Hezbollah suffers casualties. The Guards vow to avenge their fallen comrades. The attack on Erbil, Kurdistan, is condemned. Civilians, including a prominent Kurdish businessman, are killed. Air traffic at Erbil airport is halted. Iran accuses the US of supporting Israeli crimes in Gaza.
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Over 30 Palestinians were killed in Israeli airstrikes in Gaza, while a US strike against Iran-backed rebels in Yemen raised fears of regional conflict. The head of the UN agency for Palestinian refugees described the war between Israel and Hamas as staining humanity. In Yemen, the US and Britain conducted airstrikes against Houthi rebels in response to their attacks on commercial ships. The war in Gaza saw 135 Palestinians killed in the past 24 hours, bringing the total toll to 23,843.
Indian shipping companies are raising concerns as the escalating incidents in the Middle East threaten global trade. The Red Sea attacks by the Houthi rebels have led to increased shipping costs and disruptions in the supply chain. Indian exporters may see a drop of $30 billion in total exports in FY24. The Commerce Ministry will hold a meeting to strategize measures to mitigate the trade impact.
