\nArticle content<\/p>\n
European natural gas prices surged by as much as 13 per cent amid the most concrete sign yet of disruption to energy flows since the start of the war in Gaza. Brent oil futures jumped as much as 3.9 per cent.<\/p>\n
From BP PLC to A.P. Moller-Maersk A\/S, companies that transport consumer goods, commodities like coal and corn, and energy supplies face longer journeys. While there\u2019s some slack in global supply lines to absorb the recent capacity strains, the sudden closure of the Suez Canal in 2021 showed how fragile networks are when major links break down.<\/p>\n
United States officials are scrambling to come up with a response as global trade comes under threat. Defense Secretary Lloyd Austin will convene fellow ministers Tuesday and is expected to come up with a new maritime task force to deal with the Yemen-based militants. But it\u2019s not straightforward, and Gulf allies in the region don\u2019t agree on the correct approach.<\/p>\n
Trade threat<\/h2>\n
The incidents are threatening a trade corridor through which about 12 per cent of seaborne trade normally passes. They\u2019re happening at a time when the world\u2019s other vital ocean-to-ocean waterway \u2014 the Panama Canal \u2014 is being severely restricted by drought. And it comes as central banks are still wary about inflation risks.<\/p>\n<\/section>\n