# Rising shipping costs hit global trade hard

> Restrictions on shipping through the Red Sea and Panama Canal are raising freight costs and insurance premiums worldwide. Houthi attacks, including a June sinking of a coal ship, have forced vessels to avoid Suez and sail around Africa. Naval missions by the US, UK and EU are operating in the region.

- Date: 2024-07-08 · published 2024-07-08T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/17017-rising-shipping-costs-hit-global-trade-hard
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Persistent Red Sea risk keeps ocean freight and war-risk insurance elevated, raising delivered costs for imported feed ingredients and pressuring margins for global grain and oilseed trade.

## Read by commodity

- BRENT: neutral
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-11-20 | [Refining Margins Soar as Global Oil Product Markets Tighten \| OilPrice.com](https://feedsoft.ai/events/11480-refining-margins-soar-as-global-oil-product-markets-tighten-oilprice-com.md) | +0.5% | -5.5% |
| BRENT | 2020-11-29 | [Iraq isn't seeking exemptions from OPEC+ output cuts: report \| S&P Global](https://feedsoft.ai/events/50065-iraq-isn-t-seeking-exemptions-from-opec-output-cuts-report-s-and-p-global.md) | +3.5% | +7.0% |
| BRENT | 2026-06-28 | [Oil settles up on US-Iran strikes; cautious hopes for shipping cap gains \| Financial News](https://feedsoft.ai/events/18987-oil-settles-up-on-us-iran-strikes-cautious-hopes-for-shipping-cap-gains.md) | -1.2% | +38.6% |
| BRENT | 2019-09-20 | [Scarred by trade war, South Korea's stocks whipped by oil shock](https://feedsoft.ai/events/57310-scarred-by-trade-war-south-korea-s-stocks-whipped-by-oil-shock.md) | -3.0% | -7.3% |
| BRENT | 2021-06-30 | [Oil steady, traders on sidelines as OPEC+ talks drag on - The Globe and Mail](https://feedsoft.ai/events/46755-oil-steady-traders-on-sidelines-as-opec-talks-drag-on-the-globe-and-mail.md) | +0.1% | -0.5% |

## Sources

- dw.com: https://www.dw.com/en/rising-shipping-costs-hit-global-trade-hard/a-69586965

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.