Oil and natural gas prices experienced a significant surge on Monday as BP announced a suspension of all shipments through the Red Sea due to a rise in attacks on commercial vessels by Houthi militants from Yemen. This decision from BP, one of the world’s largest oil companies, comes in the wake of similar actions taken by major shipping firms in response to the escalating security threats in the region. The disruptions in oil and gas transportation have triggered concerns about potential supply shortages, contributing to the notable increase in energy prices.

Best Coverage: https://www.cnn.com/2023/12/18/investing/bp-pauses-transit-through-red-sea/index.html