BBC: BP pauses all Red Sea shipments after rebel attacks
Oil giant BP has announced it is pausing all shipments of oil through the Red Sea after recent attacks on vessels by Houthi rebels.
The firm blamed the “deteriorating security situation” in the region as Iran-backed Houthis target ships they believe are bound for Israel.
Many freight firms have suspended journeys as the attacks continue.
BP said it would keep its “precautionary pause under ongoing review” and monitor the region.
Analysts suggested that if other large oil firms follow suit, oil prices could rise.
Brent crude, the international benchmark foroil prices, increased to $78.44 per barrel.
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Update #1: BP latest firm to pause Red Sea shipments as U.S. says it will form international coalition to curb Houthi attacks (CNBC)
Update #2: BP halts oil shipments through Red Sea following Houthi attacks (Axios)
WNU Editor: Expect higher oil prices.