Attacks Spur BP To Pause Shipments Through Red Sea

CNN Business reports:

BP said Monday that it would pause all shipments through the Red Sea because of increased attacks on vessels by Houthi militants in Yemen.

“In light of the deteriorating security situation for shipping in the Red Sea, BP has decided to temporarily pause all transits through the Red Sea,” the company said in a statement. “We will keep this precautionary pause under ongoing review, subject to circumstances as they evolve in the region.”

Oil rose sharply on the news. Brent crude, the global benchmark, was up 1.1% to $77 a barrel. US oil rose 1% to $72 a barrel.

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Oil giant BP is suspending all shipping through the Red Sea due to the “deteriorating security situation”. It comes after major shipping firms Maersk, Hapag-Lloyd & CMA CGM Group all decided to pause shipping through there amid Houthi rocket/missile/drone attacks on vessels.

— Natasha Bertrand (@NatashaBertrand) December 18, 2023

Oil giant BP to pause all shipments through the Red Sea after escalation in attacks on vessels in the region https://t.co/BZ9Jsxz2Ao

— BBC Breaking News (@BBCBreaking) December 18, 2023