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BP Temporarily Suspends Transit Through Red Sea

OIL

BP is the latest firm to pause all of its tanker traffic through the Red Sea following an increase in Houthi attacks on vessels in recent days, the firm said, cited by Bloomberg.

  • “In light of the deteriorating security situation for shipping in the Red Sea, BP has decided to temporarily pause all transits through the Red Sea,” the company said in a statement.
  • Maersk, MSC, Hapag-Lloyd and CMA CGM Group all suspended Red Sea Transits as of 18 December.
  • The headline saying BP is joining other shippers in pausing oil tanker transits through the Red Sea has supported crude prices that moved back into positive territory but remained below earlier highs of front month Brent at $77.46/bbl.
    • Brent FEB 24 up 0.7% at 77.05$/bbl
    • WTI JAN 24 up 0.6% at 71.84$/bbl
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BP is the latest firm to pause all of its tanker traffic through the Red Sea following an increase in Houthi attacks on vessels in recent days, the firm said, cited by Bloomberg.

  • “In light of the deteriorating security situation for shipping in the Red Sea, BP has decided to temporarily pause all transits through the Red Sea,” the company said in a statement.
  • Maersk, MSC, Hapag-Lloyd and CMA CGM Group all suspended Red Sea Transits as of 18 December.
  • The headline saying BP is joining other shippers in pausing oil tanker transits through the Red Sea has supported crude prices that moved back into positive territory but remained below earlier highs of front month Brent at $77.46/bbl.
    • Brent FEB 24 up 0.7% at 77.05$/bbl
    • WTI JAN 24 up 0.6% at 71.84$/bbl