Round 2:
BP pauses all tanker traffic through Red Sea after Yemeni attacks - latest updates
BP has announced it will temporarily pause all oil tanker transits through the Red Sea in light of attacks by Yemeni militants.
The price of Brent crude has spiked higher after the announcement, gaining 1.1pc today to rise above $77 a barrel, having earlier suffered declines.
Iranian-backed Houthi militants in Yemen have stepped up attacks on vessels in the Red Sea to show their support for Hamas in its war with Israel in Gaza.
The attacks are targeting a route that allows East-West trade, especially of oil, to use the Suez Canal to save the time and expense of circumnavigating Africa.
BP said in a statement: “In our trading & shipping business, as in all BP businesses, the safety and security of our people and those working on our behalf is BP’s priority.
“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.
“We will keep this precautionary pause under ongoing review, subject to circumstances as they evolve in the region.”
BP is the latest of several shipping companies to re-route vessels to avoid the area, including Maersk, MSC and Hapag Lloyd
Round 2: BP pauses all tanker traffic through Red Sea after...
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