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Attacks on Red Sea ships could hike oil prices | |
The recent decision by BP to halt all shipments through the Red Sea due to increased attacks on commercial vessels by Houthi militants from Yemen has caused a significant surge in oil and natural gas prices. This move follows similar actions by major shipping firms, potentially disrupting global supply chains and elevating the costs of transporting goods. The pause in Red Sea transit impacted oil prices, with Brent crude rising by 2.7% to $78.64 a barrel and US oil increasing by 2.8% to $73.44 a barrel. The natural gas market also felt the effects, with Europe’s benchmark prices surging by 7.7% to over €35.75 per megawatt hour, reflecting disruption in commodity markets following these attacks. Aerial assaults by Houthi militants, backing Hamas and Palestinians, have heightened since the Israel-Hamas war outbreak. As a result, major container shipping companies like MSC, Maersk, CMA CGM, and Hapag-Lloyd have halted transit through the Red Sea, impacting crucial trade routes and potentially causing delays, increased freight costs, and rerouting of shipments. For more details please visit our website - https://www.focusoutlook.com/attacks-on-red-sea-ships-could-hike-oil-prices/  | |
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| Target State: New York Target City : New York City Last Update : Oct 18, 2025 5:13 AM Number of Views: 21 | Item Owner : focusoutlook Contact Email: Contact Phone: + 1 (315) 6664984 |
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2025-10-19 (1.514 sec)