{"id":11564,"date":"2023-12-19T20:30:14","date_gmt":"2023-12-19T20:30:14","guid":{"rendered":"https:\/\/connectwithfund.com\/economy\/u-s-launches-naval-coalition-to-halt-houthi-attacks-on-red-sea-shipping\/"},"modified":"2023-12-19T20:30:15","modified_gmt":"2023-12-19T20:30:15","slug":"u-s-launches-naval-coalition-to-halt-houthi-attacks-on-red-sea-shipping","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=11564","title":{"rendered":"U.S. launches naval coalition to halt Houthi attacks on Red Sea shipping"},"content":{"rendered":"
\n

U.S. Defense Secretary Lloyd Austin announced a new international effort to thwart attacks on commercial shipping in the Red Sea that have helped trigger a rally in oil prices and saddled merchants with longer wait times and higher transport costs. <\/p>\n

\u201cThe recent escalation in reckless Houthi attacks originating from Yemen threatens the free flow of commerce, endangers innocent mariners, and violates international law,\u201d Austin said in a statement late Monday. \u201cThe Red Sea is a critical waterway that has been essential to freedom of navigation and a major commercial corridor that facilitates international trade.\u201d<\/p>\n

\n

Read more<\/strong>: Attacks in the Red Sea add to global shipping woes<\/p>\n

Austin added that this \u201cinternational challenge\u2026demands collective action\u201d and revealed that the new naval initiative, called Operation Prosperity Guardian would be supported by allies including the United Kingdom, Bahrain, Canada, France, Italy, the Netherlands, Norway, Seychelles and Spain. <\/p>\n

The attacks in the Red Sea have been launched by Houthi militants, an Iranian-backed group in Yemen, in the wake of Israel\u2019s war with Hamas, an Islamist group also backed by Iran.<\/p>\n

The attacks have helped trigger a rise in oil prices, with Brent crude
\n BRN00,
\n +0.29%<\/bg-quote>
\n gaining 7.5% over the past week and West Texas Intermediate crude
\n WBS00,
\n +0.45%<\/bg-quote>
\n rising 7%, according to FactSet. <\/p>\n

Energy giant BP PLC
\n BP,
\n +0.78%<\/bg-quote>
\n on Monday said\u00a0it halted transits through the Red Sea, joining many of the world\u2019s biggest shipping companies.<\/p>\n

Container shipping giant A.P. Moller Maersk\u00a0\u00a0
\n MAERSK.A,
\n -3.17%<\/bg-quote><\/p>\n

MAERSK.B,
\n -3.53%<\/bg-quote>
\n and Hapag-Lloyd AG\u00a0\u00a0
\n HLAGF,
\n +2.55%<\/bg-quote>
\n stopped their ships from using the southern entrance of the Red Sea after attacks on their vessels,\u00a0according to The Wall Street Journal.<\/p>\n

The Biden administration is considering re-designating the Houthis as a terrorist organization, after revoking that status in February 2021. \u201cWe are reviewing that designation as we speak,\u201d White House spokesman John Kirby told reporters on Tuesday. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. Defense Secretary Lloyd Austin announced a new international effort to thwart attacks on commercial shipping in the Red Sea that have helped trigger a rally in oil prices and saddled merchants with longer wait times and higher transport costs. \u201cThe recent escalation in reckless Houthi attacks originating from Yemen threatens the free flow of commerce, endangers innocent mariners, and violates international law,\u201d Austin said in a statement late Monday. \u201cThe Red Sea is a critical waterway that has been essential to freedom of navigation and a major commercial corridor that facilitates international trade.\u201d Read more: Attacks in the Red<\/p>\n","protected":false},"author":1,"featured_media":11565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"class_list":["post-11564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"\nU.S. launches naval coalition to halt Houthi attacks on Red Sea shipping | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"U.S. Defense Secretary Lloyd Austin announced a new international effort to thwart attacks on commercial shipping in the Red Sea that have helped trigger\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/connectwithfund.com\/?p=11564\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. 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