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