Global Supply Chains Under Threat Amid Houthi Attacks on Shipping in Red Sea

As global supply chains appeared to be recovering from the pandemic disruptions, a new crisis looms on the horizon, potentially carrying significant implications for the global economy. In recent weeks, a surge in attacks on commercial ships in the Red Sea, orchestrated by Iran-backed Houthi rebels in Yemen, has prompted growing alarm in Washington as it poses a significant and immediate threat to global trade. Despite the longer sailing times, shippers are now increasingly avoiding the Red Sea. Every year, around 19,000 ships travel through the Suez Canal. Since its completion in 1869, the waterway has served as one of the world’s most important conduits, connecting Asia and Europe. And the Red Sea is the Suez Canal’s sole southern entry point....