Egypt Suez Canal monthly revenue losses at around $800m, Sisi says

Source: Alexander Nemenov/Pool via Reuters

The Iran-backed Houthis have attacked vessels in the Red Sea area since November 2023 in support of Palestinians in Gaza during the war with Israel, disrupting global shipping by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa, raising shipping costs.

The Egyptian presidency statement did not directly refer to the Houthis, but Sisi said in December the disruption cost Egypt around $7bn less revenue from the Suez Canal in 2024.

The Yemeni group recently vowed to resume attacking US vessels in the Red Sea, in response to deadly US strikes on Yemen that killed at least 53 people on Saturday, 15 March 2025, in the biggest US military operation in the Middle East since President Donald Trump took office in January.

They also said last week they would resume attacks on Israeli ships passing through the Red Sea if Israel did not lift a block on aid entering Gaza.