BP company halted the passage of its shipments through the Red Sea
Amid escalating attacks on cargo ships, the major company BP has stopped all its oil and gas shipments through the Red Sea. The company has announced that it has halted transportation in the region for an indefinite period due to the deterioration of the security situation amid tensions in the Middle East.
British Petroleum is the first oil company to completely stop its transport through this route. Previously, five major shipping companies had announced that they would not send their ships through the Suez Canal route.
Immediately following this announcement, global oil prices increased. Brent crude oil, an international benchmark, rose by 1% to $77.33 per barrel, and West Texas Intermediate crude oil in the U.S. increased by 0.9% to $72.10 per barrel.