NATO, Where Are You?
As appeared in my blog on Times of Israel . There is great concern for the well-being of global trade after recent attacks on international shipping by Yemen’s Iran-backed Houthi rebels. According to United Nations’ statistics, the volume of commercial traffic using the Suez Canal has recently fallen by more than 40%. This has started to lead to a drastic rise in consumer prices, as carriers are faced with the dilemma of a massive rise in insurance costs, or a huge increase in fuel costs, as ships now must go around Africa, instead of using the Suez Canal. Some shipping companies have even decided to curtail or suspend their routes through the Red Sea to the Suez Canal. Although about 30% of global container trade passes through the Suez Canal, its importance to Europe is disproportionately greater than that of US shipping. The Suez Canal is the shortest maritime route from Europe to Asia. To respond to the Houthi threat to the security and economic well-being of...