- BP has declared that it is stopping all oil exports across the Red Sea.
- The worldwide oil price benchmark, Brent crude, saw a rise to $79.35 per barrel.
- Rebels are using drones and rockets to target foreign-owned ships that are headed for Israel.
Because of the Houthi rebels’ recent attacks on ships, BP has declared that it is stopping all oil exports across the Red Sea. The business places the blame on the region’s worsening security conditions as Houthis target ships they think are headed toward Israel.
While the attacks continue, many freight companies have stopped shipping. “Precautionary pause under ongoing review” will remain in place, and BP will continue to monitor the area. According to analysts, prices may increase if other major oil companies decide to do the same. The worldwide oil price benchmark, Brent crude, saw a rise to $79.35 per barrel.
Rebel strikes
One of the most significant shipping lanes in the world for consumer products, natural gas, and oil is the Red Sea. By sea, products from Asia and the Gulf were delivered to Europe, the Middle East, and North Africa accounting for over 15% of total imports.
For the sake of the crew and ships’ safety, one of the biggest shipping companies in the world, Evergreen Line, has decided to temporarily halt taking Israeli goods over the Red Sea.
Iran-supported Targeting ships passing through the Bab al-Mandab Strait, sometimes referred to as the Gate of Tears, which is a treacherous 20-mile-wide passage, are the Houthi rebels.
In addition to announcing their support for Hamas, the rebels are using drones and rockets to target foreign-owned ships that are headed for Israel.
The number of ship attacks has increased recently, to the point where shipping companies have stopped using the strait that connects Djibouti and Eritrea on the African coast and Yemen on the Arabian Peninsula.
Second-largest shipping company in the world, Maersk, called the situation “alarming” following two incidents: one involving a “near-miss” with Maersk Gibraltar and the other involving an attack on a container ship.
