Red Sea shipping crisis drives prices up 

Attacks in the lower Red Sea by Houthi militants based in Yemen have resulted in a sharp rise in shipping costs.
While regional importers are unlikely to see any immediate impact over the holiday period, shortages and supply chain issues will start to take hold in February, an industry expert has said.
“We can expect a temporary spike in the prices of products travelling through the Red Sea,” said Dnyanada Kulkarni, senior research analyst at Century Financial.
“But because [the supply chain disruption] has triggered a rebound in the oil prices that have declined steadily for seven weeks, that benefits the GCC region.”