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. "Right now it's unclear how significant the impact will be," said Gregory Brew, an oil historian and analyst at Eurasia Group. "Though if more shipping companies divert their traffic, and if the disruption lasts more than a week or two, prices are likely to climb further." The Red Sea is one o...
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