Red Sea crisis: From coal imports to shipping stocks and oil prices, crisis' impact on these factors and more

View of a ship seized by Yemen's Houthi rebels off the Yemen's Red Sea coast

The Iran-backed Houthis, who control vast swathes of Yemen, including its crucial western coast, have attacked commercial ships on the Red Sea route following the outbreak of the war in Gaza since October. These vessels under attack are connected to Israel and Israeli businessmen.

Following this, the Red Sea, a vital waterway for global commerce and energy shipped between Europe and Asia, is being temporarily abandoned by leading shipping firms.

Also Read: MC Explains: Why Houthi attacks in Red Sea trigger warning for global trade; how it concerns India

Here's a collection of the most important stories regarding the Red Sea crisis:

How are the Red Sea attacks impacting shipping in the Suez Canal?

Attacks launched by Yemen's Houthi group on commercial ships at the southern end of the Red Sea have prompted several shipping companies to divert vessels, avoiding a route that would take them through Egypt's Suez Canal in the north and its link to the Mediterranean Sea. Read the impact on the shipping industry here

Rebel Ripples: Oil prices may rise temporarily due to the Red Sea crisis, say analysts

A slight jump in oil prices amid clashes in the Suez Canal could be temporary, as demand remains subdued, say analysts. The benchmark Brent crude rose 0.8 percent to $77.18 a barrel, as major shipping firms said they would be avoiding the route. Read more about rising oil prices, here

Code Red: Red Sea crisis may hobble the global economy

The rise in attacks on ships in the Red Sea by Houthi rebels has increased fears about a looming disruption in global supply chains, which could make the price of oil and other essentials jump sharply and adversely affect the global economy. If the attacks go unabated it could expand the ongoing conflict and draw in other countries. Details here

Red Sea crisis: Little impact on India’s coal imports, say analysts

Attacks on commercial ships at the southern end of the Red Sea and the subsequent fallout on shipping via the Suez Canal are going to have little impact on India’s coal imports under prevailing prices, analysts said. This is because the bulk of India’s coal needs are met by Indonesia and Australia, which are outside the affected sea routes. These two countries together have contributed to around 67 percent of India’s coal imports so far, according to S&P Global’s Commodity at Sea (CAS) data. More here

US forms coalition to counter Houthis attacks in Red Sea

The United States has announced a 10-nation operation to counter the rising threat of Houthi missile and drone attacks targeting ships in the Red Sea. “Countries that seek to uphold the foundational principle of freedom of navigation must come together to tackle the challenge posed by this non-state actor,” US Defence Secretary Lloyd Austin said in a statement. Read the latest updates here