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Shell Suspends Red Sea Shipping

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Shell suspended all shipments via the Red Sea route indefinitely, following Houthi rebel attacks on US and UK-owned vessels, people familiar with the decision told Wallstreet Journal.

  • Last month, a tanker chartered by Shell to move Indian jet fuel was targeted by a drone in the Red Sea and harassed by Houthi boats, according to shipping officials.
  • Shell has joined other energy majors such as BP and QatarEnergy to pause any Red Sea shipments.
  • Crude prices and European gas prices rose to new intra-day highs following the headlines on Shell suspending Red Sea shipments.
  • Brent MAR 24 up 1.3% at 79.18$/bbl
  • WTI FEB 24 up 0.9% at 73.3$/bbl
  • TTF FEB 24 up 2.1% at 30.57€/MWh

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