Houthis Weigh Fees for Red Sea Shipping as Oil Prices Soar

Yemen's Houthi group is considering imposing fees on commercial ships that transit through the Southern Red Sea, according to Reuters. This move comes after the Houthis declared a maritime embargo on Saudi Arabia and closed the Bab el-Mandeb gateway, which accounts for almost 7% of global energy supply.

The report suggests that China's shipping fleet may be exempt from any fee system. The news has led to a significant increase in oil prices, with the WTI Oil price trading near its intraday high at around $82.20.