Since then, the Houthis have controlled significant parts of Yemen, including the capital, Sana’a, and have engaged in a wider regional conflict involving Saudi Arabia, Iran, and other key players in the Middle East.
Attacks on Red Sea Shipping
More recently, the Houthis have turned their attention to the Red Sea, launching missile and drone attacks on commercial vessels they suspect to be connected to Israel.
They align interests with Hamas in the Israel-Gaza war. But they also operate a pirate operation attacking and robbing ships in the Red Sea.
Their attacks have not been limited to Israeli-linked ships. On several occasions they have attacked US and British vessels. Many commercial vessels with no direct connection to Israel have also been targeted, disrupting global trade and increasing shipping costs.
Louise Nevill, UK CEO, marine, cargo, and logistics at Marsh, recently highlighted the economic consequences: “Currently, we are seeing premiums as high as 2% on vessel value for a single Red Sea transit amid fluctuating insurer appetite.”
