Oil and Gas Prices Hold Steady Despite Red Sea Turmoil
Since mid-November, Houthi rebels in Yemen have significantly stepped up attacks on commercial shipping vessels in-transit via the lower Red Sea in retaliation for Israel’s war on Hamas in the Gaza Strip, but the market lacks consensus as to how much impact this will have on the energy trade. Attacks by Houthi militants on ships traveling through the Red Sea and the Bab al-Mandab Strait have surged recently, increasing risk for ships passing through the Suez Canal. The Red Sea is one of the world’s most densely packed shipping…