Fears of shipping and oil price increasing after Red Sea cargo ship seizure

Описание: There are concerns the seizure of a cargo ship in the Red Sea could rekindle threats to supply chains and oil prices.

The area is a vital waterway for global shipping, as a fifth of the world's oil passes through it.

Maritime Logistics Expert Peter Van Duijn said it was a “very sophisticated” takeover of the ship.

Much higher oil costs could arise if companies are forced to avoid the strait.

“The market has reacted slightly but not too bad,” he told Sky News Australia.