A Liberian-flagged cargo ship attacked by Yemen’s Houthi rebels sank Wednesday in the Red Sea. UN Special Envoy of the Secretary-General for Yemen Hans Grundberg said there was “grave concern seeing an escalation in the Red Sea,

Video released by the Houthi media center shows the bulk carrier ‘Magic Seas’ being attacked and later sinking in the Iran-backed rebel group’s first attack this year on a commercial shipping vessel in the Red Sea.

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.

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Oil prices were steady on Wednesday as investors weighed strong U.S. gasoline demand data and attacks on shipping in the Red Sea, while U.S. copper tariffs loomed.