The attacks launched by the Houthi militia in the Red Sea caused a continuous rise in oil prices, especially with many ships announcing that they would avoid the sea route in Bab al-Mandab and head towards the Cape of Good Hope, South Africa.

According to economic reports, oil prices, on Wednesday, December 27, maintained their high gains for more than a week due to escalating tensions in the Red Sea, indicating that trading in Brent crude, the global standard, reached $81 per barrel after rising 2.5%. While West Texas Intermediate crude was trading above $75.

The increase came after the MSC United VIII ship was attacked during its voyage to Pakistan from Saudi Arabia. In addition, international oil tankers continue to avoid passing off the Yemeni coast, especially those under the control of the Iranian Houthi militia.

The rise in oil prices and the sharp decline in the number of oil tankers sailing through the vital Bab al-Mandab Strait in the Red Sea confirm that the Houthi attacks are disrupting a major artery of global trade.

According to ship-tracking data compiled by Bloomberg, only about 30 tankers - including crude oil and fuel tankers - have entered the Bab al-Mandeb Strait since the beginning of this week. This represents a decline of more than 40% compared to the daily average during the previous three weeks.

Huge quantities of crude oil, diesel and other petroleum products are transported from the Middle East and India through this main corridor and then continue their way to Europe. While Russian oil tankers sail to India and China in the other direction.