Yemen’s Houthi Rebel Attacks Threaten Global Supply Chain, Could Raise Oil Prices for India

The ongoing tensions in the Red Sea caused by attacks on merchant ships by Yemen’s Houthi rebels are predicted to lead to a significant increase in oil prices for countries like India, according to World Economic Forum (WEF) president Borge Brende. Speaking in an exclusive interview with India Today TV/Business Today, Brende expressed concern over the negative impact on the global supply chain and stated that a $10-20 rise in oil prices would have adverse effects on India’s economy. He also highlighted the potential consequences of closing the Suez Canal and hoped that the Houthi attacks would cease soon. Despite the Red Sea crisis, Brende remained optimistic about the global trade outlook for this year. The interview took place ahead of the 54th edition of the annual WEF meeting in Davos, Switzerland. Brende further expressed his optimism about the Indian economy, predicting a growth rate of 8 percent this year and envisioning a $10 trillion economy within the next two decades. The Red Sea crisis continues to reverberate across various sectors, with concerns about the impact on oil prices and global trade. Efforts are being made to restore stability and resume regular shipping operations in the region. The escalation of the situation could have far-reaching consequences for countries dependent on oil imports, necessitating a resolution to safeguard the global economy.