Red Sea crisis escalation: US-UK airstrikes, Houthis’ vessel attacks, spike in oil prices, and tanker trade slowdown

Recent events in the Red Sea have added fuel to the growing fears about the possibility of a wider conflict breaking out across the Middle East, prompting further concerns over oil flows, supply chains, and energy prices in the region and beyond. Following Iran’s hijacking of a crude oil tanker and the airstrikes the U.S. and the UK carried out against the Houthi sites in Yemen in response to recent vessel attacks, analysts have warned about the impact of these events on the global economy’s ability to tackle inflation.

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