Bipi Company Suspends its Shipments from the Red Sea

Monday 18 December 2023

1 Min Read

BP has halted the transportation of its cargo from the Red Sea.

Simultaneously with the escalating attacks on cargo ships, BP, the major company, has announced the suspension of all its oil and gas shipments through the Red Sea. The company stated that transportation in the region has been halted indefinitely due to the worsening security situation amid tensions in the Middle East.

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BP has halted the transportation of its cargo from the Red Sea.Persian

British Petroleum is the first oil company to completely halt its transportation through this route. Previously, five major shipping companies had announced that they would not allow their ships to pass through the Suez Canal.

Immediately after this announcement, the global oil price increased. Brent crude oil, as an international benchmark, rose by 1% to $7733 per barrel. West Texas Intermediate (WTI) crude oil also rose by 0.9% to $7210 per barrel.

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