The Red Sea crisis has garnered significant attention in recent months as a result of the challenges it has placed on the global supply chain. The Red Sea, which provides access to the southern entrance to the Suez Canal, is one of the most important and densely packed shipping channels in the world. Roughly 19,000 vessels travel between the Indian Ocean and Mediterranean Sea each year and the Suez Canal reduces shipping distance between Asia and Europe by nearly half. About 12% of global trade, opens new tab passes through the Red Sea, including 30% of global container traffic and $1 trillion worth of goods each year, reported by Reuters.