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.

This is a developing story. Please check back later for updates.

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