The UK has just agreed to join an international naval force to protect the Red Sea from Houthi rebels, in the latest knock-on effect from the Israel-Hamas war.
Led by the US, vessels from Bahrain, Canada, France, Italy, the Netherlands, Norway, the Seychelles, Spain and the UK will work together to fend off attacks from the Hamas allies trying to block the essential trade route.
US defence secretary Lloyd Austin announced the new coalition on Monday, calling it Operation Prosperity Guardian, which he described as “an important new multinational security initiative”.
Here’s what you need to know.
Why does the Red Sea need protecting?
Iran-backed Houthi rebels based in Yemen started to attack shipments coming through the region via the Suez Canal as soon as the Israel-Hamas war broke out on October 7.
The Houthi rebels support the Palestinian militants Hamas in the group’s ongoing war against Israel. They have pledged to target any vessels they believe to be either coming from or going to Israel.
It means companies like oil giant BP paused their operations in the area over safety concerns, with some firms re-routing their shipments around the Cape of Good Hope on the coast of South Africa.
Austin said on Monday that the escalated violence “threatens the free flow of commerce, endangers innocent mariners, and violates international law”.
He also warned: “Iran’s support for Houthi attacks on commercial vessels must stop.”
How are other countries already involved?
The UK’s Royal Navy warship HMS Diamond shot down a drone in the Red Sea on Saturday, two weeks after heading over to region.
Three commercial ships were also hit by ballistic missiles and a US warship shot down three other drones, too.
Why is this so important?
While this development does not directly involve either of the main parties, it shows the ramifications of the Middle Eastern conflict.
The Suez Canal is an essential route for trade around the world, including oil, grain, consumer goods from east Asia.
Commodity shipping tracker firm Kpler analyst Viktor Katona told the New York Times around 12% of crude oil and refined products traded by sea travel through the canal.
If the canal can’t be used, shipments have to go via the Cape of Good Hope instead – adding 3,000 miles and 14 travel days to the journey.
Goods therefore become more expensive, as firms look to cover the extra transit costs, the additional ships needed for the journey, and any further delays and disruptions. The share prices of the shipping companies will also jump up.
In fact, Brent crude oil – an international oil benchmark – already went up by more than 2.5% on Monday, meaning it costs almost $80 (£63) a barrel.
Oil and grain have actually been under strain ever since Russia’s invasion of Ukraine in February 2022.
Moscow’s blockade of Ukraine’s key exports pushed global prices up, while the West’s sanctions against Russia’s own trade industry added further pressure.
Oil prices had just started to fall after this period of high cost because of higher production, but these Houthi attacks seem to be pushing costs up again.
The situation has been worsened by a lack of rainfall at the Panama Canal too, as many ships had planned to reroute via the Red Sea instead.
It’s unprecedented that both shipping routes are impacted at the same time.