Egypt’s Suez Canal, a key waterway linking Europe and Asia, accounted for about 10 per cent of global maritime trade before attacks by Yemen’s Huthi rebels on shipping routes in the Red Sea and Gulf of Aden.
The Iran-backed rebels began targeting vessels after the start of the Gaza war, claiming solidarity with Palestinians, forcing ships to take a long and costly detour around the southern tip of Africa.
Egypt said last year its canal revenues had plunged 60 per cent, a loss of US$7 billion.
The US military has been attacking Huthi positions since January 2024, but those assaults have intensified under Trump, with almost daily strikes in the past month.
Trump has vowed that military action would continue until the Huthis are no longer a threat to shipping.