Houthi forces seize Yemen's Mocha raising tanker rates to $250,000
Business
Tanker rates for shipping oil to India have shot up by 150%, now costing $250,000 a day, after Houthi forces seized Yemen's Mocha port and advanced toward the Bab el-Mandeb Strait.
With the Red Sea region in turmoil, fuel prices for ships are up 50%, and insurance costs have climbed by 20%.
It's getting a lot more expensive just to move oil around.
India crude import bill up 56%
India gets about 30% of its current oil and gas imports from West Asia, so these disruptions are a big deal.
Tankers might have to take much longer routes, adding two weeks to deliveries and likely pushing global fuel prices even higher.
In just four months this year, India's crude import bill jumped 56% to $63.37 billion.