BP has halted all shipments of oil and gas through the Red Sea after a step-up in attacks on cargo ships by Houthi militants in Yemen.
The British oil company said on Tuesday that it had paused shipping in the region indefinitely, citing a “deteriorating security situation” amid tensions in the Middle East.
BP becomes the first oil company to directly halt its own shipping, after five big shipping companies stopped their vessels passing through the waters between Asia and Africa which connect Asia and Europe, with the Suez canal at the tip.
The companies have moved to secure their vessels after attacks mounted by Houthis in protest at Israel’s efforts to attack Hamas in Gaza. These have included an attack on a US warship, and commercial vessels have come under fire off the coast of Yemen.
BP said in a statement: “In our trading and shipping business, as in all BP businesses, the safety and security of our people and those working on our behalf is BP’s priority.
“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.
“We will keep this precautionary pause under ongoing review, subject to circumstances as they evolve in the region.”
Separately on Monday, the global container shipping firm Evergreen said it was suspending journeys in the region “until further notice” due to “rising risk and safety considerations”.
The company has paused all shipments it is responsible for, either through its own ships or chartered shipments carried out by other companies. BP puts cargoes of liquified natural gas, oil and oil-based products in transit.
Lloyd Austin, the US defence secretary, is expected to announce the launch of an expanded maritime protection force, involving Arab states and provisionally entitled Operation Prosperity Guardian, to combat the attacks on Monday.
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The Red Sea is a key trading route for shippers of all products into Europe. In 2021, a 220,000-tonne “megaship”, the Ever Given, blocked the Suez canal, disrupting the global shipping industry.
BP’s shares rose nearly 2% to 466p on Monday.
Last week, the company formally dismissed Bernard Looney, its former chief executive, and will deny him more than £32m in pay and share awards, over “serious misconduct” relating to his past relationships with colleagues.
