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  • The US has launched Operation Prosperity Guardian to ensure the safety of commercial ships.

Houthis and Israel-Palestine War Connection

  • During the Second intifada of 2000, Houthis staged protests in solidarity with the Palestinian cause.
  • Houthis declared war against Israel after the Israel-Palestine conflict and launched attacks towards Israel and Israel-related vessels in the Red Sea.

Global economy and Red Sea attacks

  • The Red Sea provides a shorter route to the Mediterranean Sea with the Indian Ocean via the Suez Canal.
  • Houthi attacks forced the ship to take a two-week longer route via Africa.
  • Attacks near the Red Sea and Suez Canal (12% of global shipments) may lead to rising global inflation.

Impact on Oil prices

  • With the Suez Canal accounting for 9.2 million barrels per day of total oil flows in the first half of 2023.
  • Instability in the Red Sea causes increased fuel costs and war risk surcharge.
  • Oil prices rose more than a dollar a barrel after the Houthi attacks.

Operation Prosperity Guardian

  • The US initiated a new multinational security joint patrol initiative in the Red Sea.
  • It is being carried out under the Combined Maritime Forces and the leadership of its Task Force 153.
  • The Combined Maritime Forces is a multi-naval taskforce with 39 members, including India, Pakistan, Sri Lanka, the United States and Yemen.
  • Combined Task Force 153 was set up in April 2022 to improve maritime security in the Red Sea, Bab elMandeb and the Gulf of Aden.

Red Sea, Yemen

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