A reduction in Suez Canal tanker traffic due to heightened security risks has placed downward pressure on crude oil inventories in Europe, though overall, levels remain ample at key refining hubs as trade flows adjust to prevent a fuel crisis on the continent.  

Shipping disruptions in the Red Sea, a vital global trade route, have stirred concerns that rising delivery costs could escalate the price of goods just as the United States and Europe appear to be nearing the end of the inflation crisis.

The list of goods includes oil and natural gas, which utilize the Red Sea to move cargoes from producers in the Middle East to consumers in Europe.