Christmas in danger?

Repeated attacks by Yemen's Iranian-backed Houthi rebels on commercial vessels bound for the Suez Canal have prompted cargo insurers to raise their prices, and major ocean carriers to avoid the Red Sea, the shortest route between Asia and Europe.

This detour is not insignificant, as Suez accounts for 12-15% of world trade. The alternative to this route? A much longer and much more costly bypass of Africa. As a result, oil prices are rising, as are container prices, and delivery times are getting longer.

Many cargos transporting Christmas presents might not make it in time! The stakes are too high, so Washington has called for an international coalition to protect the region, and is now threatening to strike at the leaders of the Houthi movement!

Drawing by Amandine Victor