BRUSSELS: European Union economy commissioner Paolo Gentiloni on Monday warned that violence in the Red Sea sparked by Houthi attacks on shipping could push up energy prices and inflation in the bloc. Gentiloni said that "what is happening in the Red Sea... is not for the moment apparently creating consequences on energy prices and inflation." "But we think that it should be monitored very closely because these consequences could materialize in the coming weeks," he said. Tensions in the Red Sea have soared after the United States and Britain carried out strikes on Houthi rebels in Yemen over their attacks on international shipping. But since mid-November, the attacks have prompted many shipping firms to take the longer route around the tip of Africa, disrupting supply chains and putting upward pressure on inflation.
