Oil tankers diverted from the Red Sea on Friday after Houthi militants in Yemen said they would keep targeting vessels in the region in response to US and allies' attacks on their military bases

A tanker was reportedly seized on Thursday by armed men near Oman and headed toward Iran; attacks on vessels near the Red Sea are taking a toll on global commerce.

Naval forces shoot down 18 drones and 3 anti-ship missiles, ahead of a UN vote to deter such attacks. Vessel data shows most oil tankers are still using the Suez Canal but container ships are down 28%

COSCO’s decision comes on the back of increasing tensions in the Red Sea, one of the most used trade routes in the world

The kingdom’s entry comes amid tensions between the US and China, and the expansion of Beijing's influence within the kingdom

Rates for ocean cargo have soared after an attempted attack on Wednesday and a bid to hijack a Maersk ship last Sunday; members of the UN Security Council have called on the Houthis to halt their attacks

Costs have shot up as ships have rerouted around Africa. Some shippers are looking to boost the number of vessels sailing through the Suez Canal, but others want to see if the response to Houthi attacks is effective

"A more dovish Fed means the likelihood of recession in 2024 has fallen considerably," one market analyst said

The US Department of Defence said on Saturday the drone that attacked the Japanese-owned chemical tanker was launched from Iran.

China exported some 1.63 million vehicles to Europe in the first 10 months of this year, but attacks on ships in the Red Sea mean it will now take longer for their EVs to reach EU ports

Chinese car exporters are expected to suffer negative impacts as more shippers avoid the Red Sea and opt to sail around Africa to avoid attacks by pro-Palestine militants in Yemen

Shippers opting to sail around Africa to avoid attacks by pro-Palestine Houthi militants in waters near Yemen and Suez Canal, despite formation of US-led 10-nation naval force