A Greek-flagged oil tanker is on fire and drifting crewless in the Red Sea after coming under attack by Yemen's pro-Iranian Houthis
A Greek-flagged oil tanker is on fire and drifting crewless in the Red Sea after coming under attack by Yemen’s pro-Iranian Houthis , in a sign of escalation after a brief pause on activities in the run-up to the latest round of Gaza ceasefire talks. According to the Associated Press, citing British maritime authorities, the oil tanker is no longer under anyone’s command, and came under attack by armed groups traveling on small vessels some 90 miles from the Yemeni port city of Hodeida.
The Houthis have launched attacks on an estimated 80 vessels since the start of the Israel-Hamas war. The Houthi campaign is prompting shippers to avoid the Red Sea and Suez Canal and take the longer route around the Horn of Africa, which is set to add an additional 500,000 bpd of fuel consumption for 2024. A potential restart of the Houthis’ Red Sea campaign coincides with failing Gaza ceasefire talks currently underway in Doha, Qatar. U.S.
Shipping Tankers Geopolitics Houthis Inflation Interest Rates
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