Weekly Market Recap – February 5, 2024

Last week, the Middle East conflict escalated with the tragic attacks on U.S. troops and more threats on ships in the Red
Sea. Along with causing more volatility in oil prices, the conflict is negatively impacting global maritime trade. Just in
the past two months, traffic through the Suez Canal, which handled 12-15% of global maritime trade in 2023, has been
reduced by 42% according to the UN. This is primarily delaying ships traveling between Europe and Asia, and some
factories in Europe have even paused production as they wait on parts from Asia.

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