• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 21 hours How Far Have We Really Gotten With Alternative Energy
  • 6 days Natron Energy Achieves First-Ever Commercial-Scale Production of Sodium-Ion Batteries in the U.S.
  • 6 days Bad news for e-cars keeps coming
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 8 days RUSSIA - Turkey & India Stop Buying Russian Oil as USA Increases Crackdown on Sanctions


The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Premium Content

Houthis Release Dramatic Video Of Bulk Carrier Being Blown Apart In Red Sea

Houthi rebels

"The US has committed a substantial military force at great financial cost to protecting the Red Sea. Our protective effort is failing and flailing," David Asher, a senior fellow at Hudson Institute, wrote in a statement, referring to the escalating attacks on commercial vessels by Iran-backed Houthis across the southern Red Sea, critical Bab el-Mandeb maritime chokepoint and the Gulf of Aden. 

Our biggest takeaway this week after speaking with several commodity research firms and risk analysts about the evolving situation in the Red Sea is attacks are only increasing from here as there's no immediate end to the Israeli-Hamas war this summer. 

Making headlines in recent days has been the sinking of commodity-hauling bulk carrier "Tutor." The significance of this Houthi attack marked the first time a ship was hit by an uncrewed surface vessel packed with explosives. 

On Wednesday evening, Houthi spokesperson Yahya Saree provided a never-before-seen view of the attack on Tutor, which shows the drone boat slamming into the stern of the vessel, producing a massive explosion. Also, an anti-ship missile appeared to have struck the center point of the hull. 

Tutor's attack is another example of the Biden administration's failing Operation Prosperity Guardian to ensure freedom of navigation in the Red Sea area. The consequence of this failure is an emerging supply shock to the global economy.

Check out containerized shipping rates that are soaring. 

Meanwhile, the Houthis (or Iran) are only emboldened by a weak administration and an American president who might have dementia. Democrats have been setting the world on fire with one disastrous foreign policy choice after another.

By Zerohedge.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Mamdouh Salameh on June 21 2024 said:
    By attacking what they describe are Israeli or Israeli-affiliated ships and tankers in the Red Sea, the Houthis rebels are inflicting heavy losses on the Israeli economy and virtually making the Israeli port of Eilat on the Gulf of Aqaba redundant in support of the Palestinians in Gaza who are subjected to genocide by Israel.

    The Irony is that the United States is trying to defend shipping in the Red Sea to no avail while appearing to condone the genocide and even continuing to provide Israel with military equipment and munitions.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News