Middle East oil deliveries to Europe slump by half amidst Houthi rebels Red Sea attacks

The Iran-aligned Houthi rebels, who control northern Yemen and its western coast, have been launching a series of attacks on Red Sea vessels in response to Israel's conflict in Gaza. Al Jazeera notes these attacks are targeting ships thought to be linked with Israel, as the Houthis aim to pressure Tel Aviv into stopping the war and allowing humanitarian aid into the Gaza Strip.

Several of the world's largest shipping firms have stopped transit in the region, instead redirecting vessels to take the longer route around the Cape of Good Hope in South Africa. This longer route has subsequently led to an increase in freight rates resulting from higher fuel expenses, crew salaries, and insurance costs.

European refineries are experiencing the brunt of this situation. As Al Jazeera states, oil deliveries to Europe from the Middle East have almost halved because of the ongoing Houthi rebel attacks.

In the meantime, this past Saturday, US forces executed an airstrike on a Houthi rocket launcher poised to attack in the Gulf of Aden, as announced by the US military. This forms part of a series of attacks by a coalition force established by the United States and the United Kingdom to secure trade routes in the Red Sea.

"US forces decided that the impending rocket attack constituted a threat to commercial vessels and US Navy warships in the region, and as a result, they struck and destroyed the rockets," said the US Central Command in a statement published on platform X.