Recent U.S. military strikes in Yemen against Houthi-controlled areas and a missile attack on a Greek-owned vessel in the Red Sea have escalated regional tensions. This escalation, alongside the U.S. plan to re-list the Houthi rebels as terrorists, has heightened concerns about stability in the region.
The situation has impacted global shipping routes, with increased war risk insurance premiums and diversions affecting the Suez Canal, a critical trade passage. These developments have potential economic implications, with fears of inflationary pressures and disruptions in raw material deliveries.
Major oil companies like Shell and Chevron are adjusting their strategies in response, with Shell suspending Red Sea shipments. The crisis could influence oil prices and trading patterns for commodities like USOIL, UKOIL, and Natural Gas.
Natural Gas Price Forecast