The Strategist

FT: British BP announces suspension of oil transportation through the Red Sea

12/19/2023 - 10:01

As tensions in the region continue to rise, British energy giant BP plc. decided to halt tanker shipments of oil products across the Red Sea, the Financial Times writes.

wp flare
wp flare
"BP will suspend all oil shipments through the Red Sea, in another sign of an escalating crisis sparked by Yemeni rebel attacks on ships in the area and threatening a key route for global trade," the newspaper writes.

The French shipping company CMA CGM, the Swiss container carrier Mediterranean Shipping Company (MSC), the German shipping company Hapag-Lloyd, and the Danish shipping company A.P. Moller-Maersk have already announced suspension of container activity on the Red Sea.

The Houthis of Yemen have issued a warning, threatening to strike any ships that are associated with Israel and urging other nations to withdraw their crews and avoid interacting with them at sea. A number of shipping corporations made the decision to stop operating in the area after many of their ships were assaulted in the Red Sea.