Initially, concerns about the impact of the Israel-Hamas conflict on the global economy were dismissed, as nearby oil-exporting regions continued their production without disruption.
Despite efforts by the Organisation of Petroleum Exporting Countries-Plus (OPEC+) to boost prices by reducing output, oil prices were on a downward trend.
However, recent days have seen a swift change in the perception of the situation in West Asia.
Houthi rebels based in Yemen are now targeting merchant ships navigating through the Red Sea, a crucial passage for vessels emerging from the Suez Canal.
The significance of these developments is underscored by the fact that nearly 34 percent of global container trade and nine percent of oil shipments pass through this route.
The escalating conflict has heightened concerns about potential disruptions to international trade and energy supplies.
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