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Red Sea risks boost shipping costs
The cost of insurance for shipping goods across the Red Sea has increased by up to 0.75% of the vessel's value, following the announcement by the Houthi group of a naval blockade against Saudi Arabia. This raises the risks associated with shipping movements, threatens global oil supplies, and could disrupt Saudi oil exports to Asia. Additionally, it contributes to the growing threats from the Houthis and pirate attacks on ships in the region.
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