The price of oil is slowly increasing as the Suez Canal route comes under pressure. This will eventually feed through to the global economy
Ship traffic through Bab el-Mandeb fell on Sunday after Yemeni Houthis attacked Saudi oil installations along the Red Sea coast, while transit through the Strait of Hormuz stayed low over the weekend, shipping data from Kpler showed on Monday.
Eleven commodity vessels passed through the Bab el-Mandeb strait on Sunday, the lowest level in months, the data showed.
It is only going to get worse:
Iran is expected to receive within weeks a first shipment of up to 400 Chinese-made shoulder-fired air-defense missile launchers, as it rebuilds its defenses amid ongoing fighting with the United States, three sources told Reuters.