As the Red Sea crisis continues, pressure on consumer prices follows in its wake

A Houthi helicopter preparing to hijack the Galaxy Leader cargo ship in the Red Sea last November. Photograph: Reuters

When footage first appeared of Houthi rebels hijacking the cargo ship Galaxy Leader in the Red Sea last November, it sent shockwaves through the world of trade.

The coordinated attack on the ship, which was partly owned by Israeli billionaire Abraham Ungar, was the start of a six-month campaign by Yemen-based militants to terrorise western vessels using the route, in response to the conflict in Gaza.