The European support for the Israeli genocide in Gaza, and the subsequent UK-US attacks against Yemen, have significantly impacted the European imports of refined petroleum products in the first half of January, damaging the energy security for the continent, a recent report has said.
For instance, Kuwait, a key player in the global oil market, has recently experienced a significant setback in its petrol exports to Europe with a staggering 43 percent decline, according to a recent S&P Global Commodities report.
This decrease is mainly caused by escalating pressure on ship owners to steer clear of the Red Sea, which has seen an exchange of fire between American and Yemeni forces in recent days.
The situation escalated after the US-UK Alliance carried out airstrikes on Yemen earlier this month.
he two countries claimed that they had acted to protect international shipping from Yemeni attacks.
This is while attacks by Yemenis are only aimed at Israeli vessels, or vessels moving toward the Israeli-occupied territories.
Yemen has stressed that this is a targeted effort to apply pressure on the Israeli regime to move towards an urgent ceasefire in Gaza.
he attack of Yemeni fighters on Israeli ships is a natural reaction to pressure countries that support Israel to stop their support while also demanding a ceasefire in Gaza.
If the attack on Yemen continues, the resistance will continue to respond and this could get bigger.
In light of US-led attacks against Yemen, the situation has especially hurt Europe, significantly impacting its imports of energy resources in the first half of this month.
European supply chains are already strained, experiencing delays, increased shipping costs, and, potential financial losses, for businesses dependent on the Red Sea route.
It appears that Europe's steadfast support for Israel has had severe repercussions for the continent itself.
The Yemeni fighters target only Israeli vessels and those which are going to Israel. The alternative is taking another route from Ras Al-Raja Al-Saleh. This transfer takes 15 days or more with higher costs.
These factors in the short run will cause inflation. Economists warn of a domino effect that could eventually hit European consumers harder than the inflation of 2022, during the Russia Ukraine conflict.
They warn that Europe may face high energy costs and delayed shipments leading to an economic crisis.
Mohamad Ramadan, Economic Affairs and Geopolitical Advisor
