Three foreign-flagged vessels carrying Indian crew have recently been attacked by the U.S. Navy.

The effective closure of the Strait of Hormuz in early March has driven Asian buyers to look for alternative sources to replace disrupted Persian Gulf barrels.

While the Houthis’ statement doesn’t amount to a ban on commercial shipping in the Red Sea, maritime intelligence agency Vanguard Tech advised caution.

If shippers look to frontload imports, then carriers will look to push rates higher and higher, so the market may yet be far from its peak, warns the analyst.

Residents in Kuwait said they are increasingly concerned there will be more attacks.

The blockade is depriving Tehran of petroleum revenue and the market of millions of barrels of supply.

The OECD also pointed to inflationary pressures are rising in both advanced and emerging market economies.

The Islamic Revolutionary Guards Corps claimed responsibility for the attack, saying it acted in response to U.S. strikes on an Iranian vessel.

Japanese shipowners are typically conservative, and few Japan-linked vessels have passed through the Strait of Hormuz since Tehran effectively closed off the waterway.

Manufacturers are wary of getting caught flat-footed as they did during the COVID-era semiconductor shortage.