BP has announced that it will temporarily stop all shipments through the Red Sea due to increased attacks by Houthi militants in Yemen. The company stated that it will review this decision based on evolving circumstances in the region. This news has caused oil prices to rise, with Brent crude up 1.1% to $77 a barrel and US oil up 1% to $72 a barrel. The disruption in shipping has also affected the energy market, with natural gas prices increasing by 5.5%. Major container shipping companies, including MSC, Maersk, CMA CGM, and Hapag-Lloyd, have also decided to avoid the Suez Canal due to safety concerns. Analysts have warned that this disruption could impact supply chains and result in rate increases, rerouting, and longer transit times. Some ships are already being rerouted via the Cape of Good Hope, adding up to three weeks to their journey times. Around 30% of global container trade passes through the Suez Canal, so persistent disruptions could lead to higher rates as shippers renegotiate long-term contracts.
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