Red Sea

In a bid to curb unauthorized access to its stores, retail giant Costco Wholesale Corporation (NASDAQ:COST) is implementing new measures, including a trial of a scanning system at store entrances. What Happened: Costco is taking action against non-members who have been using membership cards that...

U.S. defense forces targeted and destroyed four Houthi missiles in Yemen on Tuesday, in what was described as a preemptive action. What Happened: The U.S. Central Command stated, “These missiles were prepared to launch from Houthi-controlled areas of Yemen and presented an imminent threat to...

British oil giant Shell plc (NYSE:SHEL) has announced a complete halt to its shipments traversing the Red Sea, a critical global trade route, due to mounting security concerns. This decision, as reported by the Wall Street Journal citing informed sources, is a direct response to the increasing...

The Red Sea, a crucial artery for global trade, remains under the shadow of escalating tensions. Recent incidents, including a strike by Iran-backed Houthi rebels Monday on the U.S.-owned Gibraltar Eagle, underscore the growing risks in this vital region. Houthi Strike On Gibraltar Eagle On Monday...

In a recent development, a U.S. Navy destroyer operating in the southern Red Sea was targeted by a cruise missile launched from a Houthi militant area in Yemen. The missile was intercepted by a U.S. fighter aircraft, and no injuries or damage were reported. What Happened: The missile was launched...

Could stagflation be the story of 2024 as tensions in the Middle East and the Red Sea escalate? After a U.S.-led coalition conducted airstrikes against Houthi rebels in Yemen this week, the stakes are raised — as are the risks of inflation remaining stubbornly high. Stagflation is the emergence of...

Crude oil prices jumped by more than 4% in early trade on Friday as tensions in the Middle East and Red Sea intensified following U.S.-led airstrikes on Houthi rebel targets in Yemen. Brent crude rose by 4.1% to $80.50 a barrel, while Nymex WTI jumped 4.2% to $75.02 a barrel. The United States Oil...

The escalation over the Red Sea continues to impact shipping for major companies and industries around the world after a U.S.-controlled tanker transporting oil Thursday morning was seized. What Happened: Continued attacks on shipping vessels in the Red Sea will impact one of the largest automotive...

Oil prices witnessed a sharp 2.5% increase to over $74 per share in early New York trading on Thursday following the seizure of a tanker by Iran off the coast of Oman. The St Nikolas, previously seized by the U.S. for carrying Iranian oil, was transporting Iraqi crude to Turkey when Iran detained...

In a recent development, oil prices have skyrocketed due to the arrival of an Iranian warship in the Red Sea, intensifying the already heightened tension in this critical global shipping pathway. What Happened: As reported by CNBC on Tuesday, following the Iranian warship’s entry into the Red...

In the opening session of the new year, WTI crude oil prices surpassed $73 per barrel with a 2.6% increase. This rally is directly tied to escalating tensions in the Red Sea. The region, a critical global trade conduit, is generating significant headwinds for global equity markets. Major European...

 Iranian-backed Houthi insurgents reportedly launched an assault on a Maersk container vessel on Sunday navigating the Red Sea. As a result of the attack, Maersk said it has decided to suspend all sailing through the Red Sea for a 48-hour period.  What Happened: The targeted...

Crude oil prices have had a pretty dismal year. Ongoing warfare in Ukraine had little long-term impact. Nor, to the utter surprise of commodity analysts, did the renewal of violence between Israel and Hamas. In every decade since the 1970s, violence in the Middle East, from 1973’s Yom Kippur...

While the Federal Reserve‘s preferred measure of inflation is now close to its target range of 2%, the current turmoil in the Red Sea could give U.S. policymakers a few headaches in the coming months. On Friday, data showed the headline rate of personal consumption expenditures, an inflation...

Oil prices were set for a second straight week of gains on Friday as Red Sea tensions persisted following a series of attacks on commercial shipping in the region by Yemeni Houthi rebels. In early trade on Friday, the U.S. benchmark oil futures contract Nymex WTI was up 1.1% at $74.68 per barrel,...