Geopolitical Turmoil: Assessing the Fallout of Houthi Attacks on Russian Fuel in the Red Sea
The recent missile attacks by the Houthi rebels in Yemen on oil tankers carrying Russian fuel have raised concerns about the security of the Red Sea trade route and the potential impact on the global oil market. The Houthis, who are backed by Iran, have claimed responsibility for several attacks on merchant vessels in the past few months, saying they are in retaliation for the Israeli war on Gaza and the US and UK airstrikes in Yemen.
On Friday, January 27, 2024, the Houthis hit a British oil tanker, the Marlin Luanda, operated by Trafigura Group, one of the world’s largest commodity traders. The tanker was carrying Russian-origin naphtha, a product used to make plastics and petrol, through the Gulf of Aden. The attack caused a fire on the vessel, but no injuries were reported. The US Navy and other coalition ships responded to the distress call and rendered assistance.
The same day, the Houthis also fired an anti-ship ballistic missile from Yemen towards a US Navy destroyer, the USS Carney, in the Gulf of Aden. The missile was successfully shot down by the USS Carney, with no damage or casualties. The US military said it later destroyed another Houthi anti-ship missile aimed into the Red Sea that was ready to launch.
These attacks have highlighted the vulnerability of the oil tankers transiting through the Red Sea and Suez Canal, which carry about 3 million barrels a day of Russian crude oil and fuel to customers in Asia. Russia is a major oil exporter and an ally of Iran, which supports the Houthis. Some analysts had speculated that Russian ships might be safe from Houthi attacks, as the rebels themselves had signaled in the past. However, Friday’s attack showed that the Houthis do not distinguish between the ship’s flag and its cargo, and are willing to target any vessel that has even a tenuous link to their enemies.
The Houthi attacks could have significant implications for the global oil market, which is already facing supply disruptions due to geopolitical tensions, sanctions, and natural disasters. The Red Sea trade route is vital for connecting Europe and Asia, and any disruption could affect oil prices and availability. According to Bloomberg, oil prices jumped to a two-month high on Friday after the attack on the Marlin Luanda.
The international community has condemned the Houthi attacks and called for an end to the violence in Yemen, where a civil war has been raging since 2014. The US and UK have launched joint strikes aimed at reducing the Houthi’s ability to target vessels in the Red Sea, while also carrying out unilateral air raids. However, the Houthis have vowed to continue their attacks until their demands are met.
Sources:
- [Houthi Hit on Russian Fuel Has Oil Traders Recalculating Risks](https://finance.yahoo.com/news/houthi-hit-russian-fuel-oil-093000321.html)
- [US fires on Houthi missile hours after Trafigura oil tanker attack](https://businessmirror.com.ph/2024/01/28/us-fires-on-houthi-missile-hours-after-trafigura-oil-tanker-attack/)
- [US strikes Yemen’s Houthis after Red Sea attack on British oil tanker carrying Russian fuel](https://www.scmp.com/news/world/middle-east/article/3249986/oil-tanker-carrying-russian-fuel-fire-after-houthi-strike-red-sea)
