KEY BACKGROUNDMerchant vessels in the Red Sea have faced dozens of attacks by ballistic missiles and drones over the past month. The attacks have primarily been targeted at vessels linked to Israel. The drone attacks have slowed trade in the region, causing shipping giants Maersk and Hapag Lloyd to halt cargo shipments through the Red Sea and Suez Canal. BP also paused all oil shipments through the Red Sea on Monday. Swedish furniture store Ikea, dairy brand Danone, and appliance manufacturer Electrolux have all reported shortages and delays since the attacks began.

Source: Forbes December 25, 2023 19:04 UTC