The Houthi rebels in Yemen have claimed responsibility for attacks on two US vessels in the Gulf of Aden and an Israeli ship in the Indian Ocean. The attacks come in response to airstrikes by the US and UK on Houthi positions, as well as Israel’s retaliatory strikes in Gaza. The US has confirmed the attacks and said that coalition forces have shot down several drones and an anti-ship missile launched by the Houthis. The attacks have disrupted shipping in the Red Sea region, forcing some ships to reroute around the Cape of Good Hope.
Results for: Suez Canal
Today, April 25, marks the 116th day of 2024. Throughout history, significant events have occurred on this date. In 404 B.C., the Peloponnesian War concluded with Athens surrendering to Sparta. The year 1507 saw the creation of a world map by German cartographer Martin Waldseemueller, which included the first recorded use of the term “America” to honor Italian navigator Amerigo Vespucci. Other notable events include the groundbreaking for the Suez Canal in 1859, the capture of New Orleans by Union forces during the Civil War in 1862, and the United States’ declaration of war on Spain in 1898, leading to the Spanish-American War. The early 20th century witnessed milestones such as the implementation of a 15 mph speed limit on highways in New York in 1901 and the invasion of the Gallipoli Peninsula by Allied soldiers in 1915. During World War II, U.S. and Soviet forces joined forces on the Elbe River in 1945, while delegates gathered in San Francisco to establish the United Nations. In 1990, the Hubble Space Telescope was launched into orbit, later requiring corrective components to rectify a flawed primary mirror. The year 2013 saw President Barack Obama offer condolences to a Texas community following a deadly fertilizer plant explosion, and in 2018, Danish engineer Peter Madsen was convicted of murdering a Swedish journalist on his submarine. Former Vice President Joe Biden entered the Democratic presidential race in 2019, and “Nomadland” won Best Picture at the 2021 Academy Awards. In 2022, Elon Musk acquired Twitter, and President Joe Biden declared his intention to seek reelection in 2024.
Shipping traffic through the Suez Canal, a crucial artery for global trade, has experienced a significant decline of 66%. The drop is attributed to cargo ships rerouting due to attacks by Iran-backed Houthi terrorists. The diversion, which adds around 14 days to transit times, has raised concerns in financial markets regarding possible impacts on inflation. Rising insurance, fuel, and labor costs may contribute to price increases due to the longer shipping routes.