U.S. Strikes on Yemen Only Escalate Chaos, Reports Bloomberg

The U.S. and UK strikes on Houthi targets in Yemen have only escalated the chaos across the shipping industry, Bloomberg reported. Shortly after the U.S. and UK launched airstrikes on Yemen, merchant ships were advised to stay away from the Red Sea, the report said. That resulted in a sharp decline in shipments through a waterway that normally handles about 12% of global seaborne trade. Ship crews get increasingly nervous, deliveries are delayed and the safety situation is fraught, according to Bloomberg. The shipping industry is concerned about inflationary pressure, costlier oil and supply chain disruptions that could damage the…