The Houthi rebels in Yemen have intensified their attacks in the Red Sea, aiming at shipping lanes that are vital for the shipments of Russian oil, posing a threat to the world’s oil trade. Amidst growing tensions and security concerns, Western and Chinese owners are retreating from the region, which coincides with this development.
“Ships beneficially owned by European companies are down by more than 50% month on month compared with last year, while U.S. ships were down by 64% for cargo vessels and 96% for tankers,” TradeWinds reports.
Attacks on ships traversing the Bab el-Mandeb strait, a vital chokepoint connecting the Red Sea to the Gulf of Aden, have increased as a result of the Houthi rebels’ prolonged conflict with the Yemeni government and its allies. The safety of maritime routes that are essential for the world’s energy supplies is a concern given the recent attacks that have targeted oil tankers.
Russian oil shipments, which heavily rely on the Red Sea corridor for transit to international markets, have faced increasing threats from Houthi attacks. The Russian government has condemned the assaults, warning of dire consequences for global energy security if the situation persists.
At the same time, Bloomberg reported that “the Yemen-based Houthis have told China and Russia their ships can sail through the Red Sea and the Gulf of Aden without being attacked.
Particularly Western oil companies have reduced their operations in areas prone to instability and conflict. The unpredictable nature of the situation, along with worries about the security of people and property, have prompted a strategic reassessment of their presence in the Red Sea and surrounding regions.
