BP Halts Red Sea Shipments Amid Houthi Attacks, Fuel Prices Surge
TL;DR Summary
BP has announced a temporary pause in all shipments through the Red Sea due to increased attacks by Houthi militants in Yemen, causing oil and gas prices to surge. Brent crude rose 1.1% to $77 a barrel, while US oil increased 1% to $72 a barrel. The disruption in shipping has also led to a surge in futures prices for Europe's benchmark natural gas contract. The attacks have prompted major container shipping companies to avoid the Suez Canal, potentially causing supply chain disruptions and higher freight costs. The United States and its allies are considering expanding a maritime taskforce to protect commercial vessels in the Red Sea.
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- Oil major BP becomes latest to pause Red Sea shipments as Houthi attacks continue CNBC
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