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Houthi Attacks in Red Sea Impacting Supply Chains and Inflation
At the northern end of the Red Sea, the Suez Canal carries about 10% of global seaborne trade, serving as a vital shortcut between the countries of the Middle East and Asia and Europe. At the southern end lie the Bab-el-Mandeb strait and the Gulf of Aden, natural bottlenecks in the Red Sea shipping lanes that border Yemen’s coasts. The Houthi are an Iran-backed militant organization that has fought wars against both the Yemen government and later a Saudi Arabia-led coalition and that considers Israel an enemy. Following the Oct. 7 attack in Israel by Hamas and the subsequent invasion of Gaza by Israeli armed ... (full story)