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BP pauses shipments through Red Sea after Houthi attacks - reports

Investing.com -- BP (LON:BP) will pause all shipments through the Red Sea in the wake of recent attacks on passing vessels by Houthi militants from Yemen, according to media reports quoting a statement from the oil major.

The firm said that it will "temporarily" halt all transits through the region "in light of the deteriorating security situation for shipping," the reports said. BP added that it would "keep this precautionary pause under ongoing review."

Shipping groups, including Hapag-Lloyd, CMA CGM and Maersk, have also announced that they would suspend travel in the Red Sea area -- a crucial artery in the global flow of crude supplies.

Oil prices rose following BP's decision.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.