Elevated Houthi attacks in the Red Sea trigger new global supply chain and insurance challenges

“In the short term, as GCC countries account for the majority of the world’s reserves, we may continue to volatility in the oil market,” Oostrom said. “This could have a ripple effect, with reduced supply, which can affect imports and exports, which could lead to price increases. Financial markets are known to see greater volatility when financial markets react to geopolitical instability.”