Oil giant British Petroleum (BP) has temporarily halted all its tanker transits via the Red Sea after attacks on ships by Iranian-backed Houthi militants based in Yemen in support of Hamas escalated.
According to Euronews, this decision mirrors similar actions taken by major shipping companies like Maersk and Hapag-Lloyd, who have also temporarily suspended their container ship travel through the Red Sea and the Bab el-Mandeb Strait in the Middle East due to Houthi attack fears.
BP Pauses Oil Cargo on Red Sea Due to Houthi Attack Fears
In a statement on Monday, BP said it has decided to temporarily pause all transits through the Red Sea due to "the deteriorating security situation for shipping" in the region.
"We will keep this precautionary pause under ongoing review, subject to circumstances as they evolve in the region," the company noted. "The safety and security of our people and those working on our behalf is BP's priority."
A British maritime authority reported on Monday a possible explosion near a ship close to the Bab el-Mandab Strait and two other incidents in the area located at the Red Sea's southern end.
The Bab el-Mandeb Strait, situated between the Horn of Africa and the Middle East, is a vital maritime route connecting the Red Sea to the Gulf of Aden and the Arabian Sea, ultimately leading to the Indian Ocean.
This strategic waterway is extensively used by container ships and facilitates the export of petroleum and natural gas from the Persian Gulf. So do food products such as grain and palm oil, among others, brought over on container ships, which are most of the world's manufactured products.
According to the Associated Press, the Red Sea is a major global trade artery, with about 10% of the world's trade passing through it. Houthi rebels have been responsible for numerous attacks on ships in the region in the past days.
AP reported that their tactics involved the use of drones and anti-ship missiles to attack vessels and, in one instance, used a helicopter to seize an Israeli-owned ship and its crew.
While the primary targets are Israeli-linked ships, some container vessels and oil tankers identified with countries like Liberia and Norway have also been attacked or drawn missile fire while traveling in the region's waterway.
READ ALSO : Shipping Giants Maersk and Hapag-Lloyd Suspend Red Sea Travel After Houthi Rebel Attacks
Houthi Attack Threatens Major Trade Route That Could Impact Global Trade
The situation has raised concerns about its potential impact on global trade, particularly in the flow of oil, grain, and consumer goods. Shipping companies seeking alternative routes will likely face longer journeys, resulting in increased transportation costs and delays in cargo deliveries.
The European Union has strongly condemned the missile and drone attacks by the Houthis against commercial ships, saying these repeated attacks endanger international navigation and the lives of members of different crews.
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