The cost of insuring commercial ships that sail past Yemen’s Houthi militants surged after the rebels sank two ships and killed sailors this week, underscoring how the attacks have revived risk in the crucial waterway.

Shipowners now have to pay about 1% of a ship's value if they want to pass through the Red Sea, said Marcus Baker, global head of marine cargo and logistics at Marsh McLennan

Yemen's Houthi rebels have resumed their attacks on Red Sea shipping, saying they aim to force Israel to cease fire in Gaza -- a move that threatens a truce with Washington and rattles maritime trade.