Shafaq News/ The United States has spent $1 billion on munitions in a bid to stop the Houthis from launching drone and missile attacks on the Red Sea, a vital commercial waterway, according to a U.S. intelligence report cited by Axios.

The attacks have forced shipping companies to reroute and driven up insurance premiums. The Houthis, who are backed by Iran, have shown no signs of stopping their attacks despite sporadic US and UK strikes.

"While many attacks have missed or been intercepted, Houthi stockpiles appear nowhere near exhausted," said Behnam Ben Taleblu, a senior fellow at the Foundation for Defense of Democracies think tank. "This is as much a political problem as it is military."

The US effort has failed to stem the attacks, which threaten the interests of more than 65 countries. At least 29 major shipping and energy companies have rerouted away from the region, and container shipping through the Red Sea declined by roughly 90% as of mid-February.

The passage typically accounts for 10-15% of international maritime trade. Insurance premiums for transits rose to 1% of a ship's total value in the same timeframe. Alternate routes around Africa add 11,000 nautical miles, up to two weeks of travel time and $1 million in fuel costs.

More than a dozen commercial ships were struck between November and March. A handful of hijackings were also attempted. The Houthi attacks on civilian and military vessels began late last year and targeted Israel.

The Rubymar, a British-owned cargo ship, was sunk in March. It carried 21,000 metric tons of fertilizer that officials feared would spark an ecological disaster.