Name: Houthi attacks threatening global trade
Uploaded: 2024-01-06T02:27:50.510Z
Duration: 3 min 37 s
Description: With a significant portion of the global trade depending on the safety of the Red Sea route, can the Houthi attacks force Israel and its allies into a ceasefire with Gaza?

With a significant portion of the global trade depending on the safety of the Red Sea route, can the Houthi attacks force Israel and its allies into a ceasefire with Gaza?

Sana'a

The U.S-brokered ceasefire deal in Gaza is holding, after Hamas released the remaining Israeli hostages.

Middle East Conflict

Houthi attacks threatening global trade 

Israeli ports seem calmer than ever, as the blockade in the Red Sea has caused serious disruptions. 99% of Israel's imports depend on sea routes. Additionally, 25% of Israel's trade is conducted with Far Eastern countries, indicating that 30% of its imports are routed through the Red Sea. This underscores the indispensability of the Red Sea route for the Israeli economy. Since the onset of Houthi attacks, Israel's Eliyat and Ashkelon ports have ceased to receive ship and operations at the Ashdod port have nearly ground to a halt. Is the Red Sea crisis only Israel's problem? Apparently, no. The Red Sea route is indeed vital for global trade. Ships are required to navigate through Bermelmanda, proceed to the Red Sea, and enter the Suez Canal. This crucial route manages 12% of global trade and a significant 40% of trade between Europe and Asia. However, within a month, Red Sea traffic experienced a 40% decline, prompting many major shipping companies to announce rerouting plans to Africa, resulting in the addition of 6,000 nautical miles to the usual route. As a result, oil prices witnessed 4% surge and natural gas prices rose by 13%. The shipping cost from Asia to the Mediterranean Sea through the Suez Canal has reached 2,450 tons. For a 40-foot container, indicating a 62% increase since the end of November. Insurance, freight, and container costs increased dramatically as well. Who are the Houthis and why are they taking such a risk to disrupt global trade? The Houthis are a rebel group from northern Yemen. They seized the capital, Sanaa, in 2014 to 2015. They do control the country's capital and all of the territory that they control contains about 70 to 80% of Yemen's entire population. So they are a very influential group at the moment. They have proven themselves to be fairly diplomatically and militarily savvy. They do have the opportunity to do this because of their control of the port of al-Hodeidah along the Red Sea on Yemen's coast. Their actions in the Red Sea will lead to Israel ceasing their assault on Gaza. That will probably not be a major factor that plays into Israel's decision-making. However, the Houthis say that they believe and I think do genuinely hope that their actions, such as targeting Red Sea vessels, will lead to that outcome, especially if that means that the Houthis would get even partial credit for Israel ceasing their bombardment of Gaza. In return, the U.S. formed a joint task force, Operation Prosperity Guardian. So in the Red Sea, we're leading a multinational maritime task force to uphold the bedrock principle of freedom of navigation. Initially, OPG consisted of 10 nations, but Spain, Italy and France withdrew immediately. Can the United States defeat Houthis? Obviously, Houthi military capabilities in the face of the U.S. military is nothing. It's very, very simple. But the lesson that should be the takeaway from the past eight to nine years of war in Yemen is that a stronger military force does not translate to victory. So it's unlikely that further U.S. military action in Yemen would have that outcome. As the verbal exchange escalates into deadly skirmishes between the Houthis' militias and the U.S. Navy in the Red Sea, this crisis is likely to amplify the impacts of the war on Gaza and cast shadows on global economy.

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