Oil behemoth BP is joining an escalating number of shipping companies in suspending operations through the Red Sea due to intensifying attacks by Iran-supported Houthi rebels on sea vessels.
This significant shift in trade routes comes at a time when oil and gas prices are already high. While they have marginally reduced from recent peaks, they still linger at historical heights. Any major disruption in the smooth flow of shipping could potentially escalate the existing inflation, striking a blow to global trade and consumer pockets.
