The Suez Canal, a critical global shipping route, has seen a dramatic drop in container ship traffic due to Houthi rebel attacks, leading to increased shipping costs and stoking fears of an uptick in inflation.
India imports most of its crude from the UAE, Saudi Arabia, and Iraq through the Strait of Hormuz, while Russian crude is brought in through the Northern Sea Route. These shipping lanes are largely immune to supply risks arising from the situation in the Red Sea.
Middle-East Arab News and Opinion - Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities