The Yemeni militia, backed by Iran, said it had sunk a Liberian-flagged cargo ship in the Red Sea. Liberia said the attack killed two crew members.

The US embassy in Yemen said Wednesday that the Houthi group kidnapped the crew of a cargo ship in the Red Sea after attacking it. “After killing their shipmates, sinking their ship and hampering rescue efforts, the Houthi terrorists have kidnapped many surviving crew members of the Eternity C,” the embassy said in a statement on X.

The dynamics [in shipping insurance prices] are stranger than I’ve seen before,” Baker told the Financial Times, noting how previous attacks had prompted ships to take a longer route by going around the Cape.