Chief Houthi negotiator: All other ships in the Red Sea and Arabian Sea are safe except for ships bound for Israel.

Chief Houthi negotiator: Our position on the conflict in Gaza has not changed and will not change after the US-led air strikes against the Houthis in Yemen.

Russian oil exports and transit from the Black Sea port of Novorossiysk have been suspended since January 14 due to the storm, sources said.

Officials from the Indian Ministry of Trade: Due to delays in incoming ships on long routes, the sailings of most ships have been affected and delayed by 2-3 weeks. Shipping costs increase due to rising freight rates.

Indian Trade Ministry Official: According to export agencies, shipments of goods have been suspended due to high freight and surcharges.

Officials from the Indian Ministry of Trade: 80% of merchandise trade between India and Europe passes through the Red Sea.

Indian Trade Ministry official: December exports were not affected by the Red Sea crisis.

WTI crude oil hit $72/barrel, down 1.21% on the day.

Iranian Foreign Minister Abdullahiyan: The United States cannot call for restraint while supporting Israel’s “killings in Gaza.”

Brent crude oil fell more than 1.00% during the day and is currently trading at $77.40 per barrel.

Minutes of the Bank of Israel meeting: The Bank of Israel believes that expansionary fiscal policy will bring inflationary risks as defense and civilian spending increases.

Minutes of the meeting of the Bank of Israel: The Bank of Israel considers the impact of the conflict and its developments on economic activity and the depreciation of the shekel to be risks to inflation.

The Bank of Israel meeting minutes highlighted several risks that inflation could accelerate.

Bank of Israel meeting minutes: All five members of the Monetary Policy Committee voted at the January 1 meeting to cut the benchmark interest rate by 25 basis points to 4.5%.

Brazilian Central Bank Survey: Brazilian economists predict GDP growth in 2024 to be 1.59%, compared with 1.59% previously; GDP growth in 2025 is predicted to be 2%, compared with 2% previously. The SELIC interest rate is expected to be 9% at the end of 2024, compared with 9% previously; the SELIC interest rate is expected to be 8.5% at the end of 2025, compared with 8.5% previously.

Brazilian Central Bank Survey: Brazilian economists predict an inflation rate of 3.87% in 2024, compared with 3.9% previously; and predict an inflation rate of 3.5% in 2025, compared with 3.5% previously.

Indonesian Trade Ministry official: The reference price of palm oil between January 16 and 31 was US$774.93 per metric ton.

According to Interfax: The Russian Defense Minister and the Iranian Defense Minister discussed military cooperation and regional security issues.

Deutsche Bank: Hungary is expected to cut its benchmark interest rate by 100 basis points in January.