Middle East economies navigate treacherous straits as Gaza war infects Red Sea
From
Samuel Wendel
Senior Market Research Analyst, Al-Monitor
To:
Al-Monitor Readers
Date:
Jan. 6, 2023
Bottom Line:
2024 arrives with tensions high on the Red Sea. The strategic waterway has become a new front in the Israel-Hamas war as Houthi militants escalate attacks against maritime traffic despite US-led efforts to secure safe passage. This volatile situation already poses a significant threat to the global economy, while closer to home Red Sea turmoil only underlines the complex web of threats facing the Middle East as the grinding Gaza war increasingly exposes regional economic and geopolitical vulnerabilities.