BP pauses all shipments through Red Sea

World

BP has announced it is pausing shipments of oil through the Red Sea after recent attacks on vessels by Houthi rebels.

The oil giant said it made the decision because of the “deteriorating security situation” – but added that the move was temporary.

“The safety and security of our people and those working on our behalf is BP’s priority,” the company said.

“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.”

BP followed in the footsteps of Maersk, Swiss-based MSC and French shipping group CMA CGM in boycotting the area.

Journeys through the Suez Canal started to be paused on Friday following attacks on vessels in the Red Sea by Houthi
militants in Yemen.

The prospect of longer journeys to complete deliveries is raising transit costs and boosting the share prices of listed shipping firms as a result,

The disruption has also been blamed for a rise in global oil prices, with Brent crude oil up by more than 1% on Monday to stand at $77 per barrel.

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