Houthi rebels have targeted container ships and oil tankers passing through a narrow waterway that connects to the Red Sea and Suez Canal, where an estimated 10% of the world’s trade passes through.

The list of companies avoiding the Bab el Mandeb Strait and the Red Sea keeps on expanding with each passing day, ranging from oil majors like BP or Shell and all the way to Asian refiners such as ...

A container ship crosses an oil platform at the Gulf of Suez towards the Red Sea before entering the Suez Canal, outside of Cairo, Egypt September 1, 2020. Picture taken September 1, 2020.

The main alternative to the Red Sea, a journey around Africa via the Cape of Good Hope, adds about two weeks to trips, potentially increasing shipping rates by as much as $1 a barrel for crude and ...