The Red Sea conflict is turning from a minor to a major geopolitical event, as supply chain disruptions could be a game-changer for global inflation.
"The conflict has led to attacks on vessels transiting the Red Sea, causing shipping companies to reroute, which has spiked freight rates," Steve Crews, an online marketing specialist, told International Business Times. "This rerouting, especially around the Cape of Good Hope, increases transportation costs and delays, affecting global trade."
