Insurers have stopped providing coverage for ships with Saudi connections in the Red Sea amid the Houthi blockade. The Iran-aligned Houthi movement is targeting commercial shipping routes, particularly those linked to Saudi Arabia. The Red Sea and Bab al-Mandeb are critical chokepoints for global trade, with disruptions already affecting shipping patterns and costs. Prediction market pricing for zero ships transiting the Strait of Hormuz by July 31 has risen to 7.9%, reflecting heightened concerns about potential disruptions in the region.
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