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Insurance premiums are surging for those who do cross the Red Sea, freight rates are up and so are oil prices – all potential factors for more inflation.
Attacks on ships passing through a vital trading route have reignited fears about higher oil prices and could drive up inflation.
The U.S.-led operation aims to counter escalating missile and drone attacks on commercial vessels by the Yemen-based Houthi rebel group, which are impacting global trade.
Oil giant BP will pause all shipments of oil through the Red Sea after recent attacks on vessels by Houthi rebels.
While there is expectation that global militaries will step in soon and secure the Red Sea and the Suez Canal by the end of the week, a prolonged delay in reusing them may lead to a 30-40 percent rise in cost of transportation