BP Halts Oil Tanker Transit Via Red Sea, Fuel Prices Rise

BP has announced a temporary pause in all shipments through the Red Sea due to increased attacks on vessels by Houthi militants in Yemen, as reported by CNN.

BP's decision was made in response to the deteriorating security situation for shipping in the region. I Photo: bp Facebook

The decision was made in response to the deteriorating security situation for shipping in the region. BP emphasized that the pause is a precautionary measure subject to ongoing review.

The news of BP's decision led to a significant rise in oil prices. Brent crude, the global benchmark, increased by 1.1% to $77 a barrel, while US oil rose by 1% to $72 a barrel. This disruption in the energy market extended to Europe's benchmark natural gas contract, with futures prices surging 5.5% to €35 ($38.20) per megawatt-hour.

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