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Houthi Vessel Seizure Stokes European Gas Prices Over Shipment Fears

NATURAL GAS

A Tokyo-based but Israeli owned vehicle carrier vessel was reported to have been seized in the southern part of the Red Sea on Sunday by Iran-backed Houthi rebels, stoking fears of vessel disruption as Hamas-Israeli tensions remain high.

  • Houthi rebels said on Sunday they seized an Israeli vessel and took it to the Yemeni coast.
  • The ship had unloaded its cargoes at a port in Turkey and was headed to the Pipavav terminal on the coast of India.
  • The vessel seizure has stoked higher European natural gas prices – raising risks in one of the world’s busiest shipping areas.
  • If efforts are made by vessels to avoid the region, it has the knock-on impact of longer and more costly journeys.
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