Houthi rebels in Yemen have launched a violent new wave of attacks on ships in the Red Sea, sinking two vessels and killing crew members.

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.

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.

Germany said its aircraft was in the middle of a routine flight in support of the European Union's counter-Houthi mission.