(Bloomberg) -- Global shipping rates are surging as tensions rise in the Red Sea, after the US and UK conducted airstrikes against the Iran-backed Houthi militants in retaliation for their attacks on merchant ships. Alcoa Corp. releases earnings on Wednesday, marking the unofficial start of the commodity world’s quarterly reporting season, while cocoa’s upward momentum continues.Most Read from BloombergTrump Scores Easy Win in Iowa With DeSantis a Distant SecondUS Merchant Vessel Struck as Shipp