The attacks of Iran-backed Houthis on ships bound for Israel or somehow affiliated with Israel moving via the Red Sea may dangerous for Egypt, as well, since the country greatly relies on revenue from ships passing from the Red Sea via the Suez Canal en route to Europe.
Ever since October 7 and the war in Gaza, Iran-backed Houthi rebels in Yemen have escalated their attacks on ships passing through the Bab el-Mandeb straits en route to the Red Sea, the Suez Canal, and countries including Israel and beyond.
This week, major shipping companies - German Hapag-Lloyd, Danish Maersk, French CMA CGM, and Italian-Swiss MSC - announced that they would cease to operate in the strait until it was declared safe.
Suez Canal Authority Chairman Osama Rabie has tried to calm fears of a shutdown of one of the world's major lanes, telling Egyptian news site al-Ahram that just 55 ships had changed course due to Houthi attacks since November 19, compared to 2,128 in the same period.
Still, the escalating blockade could turn the Red Sea into a dead sea if matters are not resolved soon, increasing shipping costs by forcing everyone to go around the African continent, gutting Egyptian revenue, and increasing prices for all shipping destinations on a whole host of goods.