Yemen’s Iran-aligned Houthi movement has sunk two Greek-operated bulk carriers in the Red Sea within a week, ending a two-month lull in attacks on commercial shipping. The Liberian-flagged Magic Seas was hit on 7 July and the larger Eternity C was struck on 9 July by missiles, explosive drones and gunfire south-west of Yemen’s Hodeidah, maritime security firm Ambrey and European naval officials said. The assaults killed at least four crew members and left about ten others missing. European Union mission Operation Aspides said 10 survivors from the Eternity C—including five Filipinos and a Greek security guard—were rescued, while Reuters cited security sources who believe six crew members are being held by Houthi forces. The Eternity C carried 22 sailors, mostly Filipino nationals, plus a three-member security team. The violence has sharply increased the cost of navigating the waterway, a critical link for energy and container trade. Industry sources told Reuters that war-risk insurance premiums for Red Sea transits have more than doubled to roughly 0.7 %—and in some quotes up to 1 %—of a vessel’s insured value, levels last seen at the height of attacks in 2024. Some underwriters have temporarily halted coverage for ships with even indirect ties to Israel. Houthi leader Abdul-Malik al-Houthi said the group fired 45 missiles and drones this week and vowed to keep targeting vessels connected to Israel until the Gaza conflict ends. Israel has asked the United States to resume military strikes on Houthi positions and to assemble a broader coalition to protect shipping, according to Israeli media reports.