LONDON (AP) — Oil and natural gas giant BP has joined the growing list of companies that have halted their shipments through the Red Sea because of the risk of…
Oil and natural gas giant BP has joined the growing list of companies that have halted their shipments through the Red Sea because of the risk of attack from Yemen’s Houthi rebels, threatening a major trade route in what is expected to have global effects.
London-based BP said Monday that it has “decided to temporarily pause all transits through the Red Sea,” including shipments of oil, liquid natural gas and other energy supplies. Describing it as a “precautionary pause,” the company said the decision was under ongoing review but that it was prioritizing crew safety.
Oil prices rose Monday partly over market nerves about attacks by the Iranian-backed Houthis, which have targeted container ships and oil tankers passing through a narrow waterway that separates Yemen from East Africa and leads north to the Red Sea and Suez Canal, where an estimated 10% of the world’s trade passes through.
