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The disruption to usual trade flows is expected to result in higher prices and delays, which will only intensify the longer the disruption lasts, as alternative routes can add thousands of miles to shipping journeys.
Oil and natural gas giant BP has joined the growing list of companies that have halted their shipments thro...
"You are going to see some fairly seismic activity in terms of the implications for supply chains," the editor-in-chief of Lloyd's List told CNBC.
The attacks on commercial vessels in the Red Sea by Yemen's Houthi rebels have scared off some of the world's top shipping companies and oil giants, effectively rerouting global trade away from a crucial artery for consumer goods and energy supplies that is expected to trigger delays and rising prices.
The attacks on commercial vessels in the Red Sea by Yemen’s Houthi rebels have scared off some of the world’s top shipping companies and oil giants. That has effectively rerouted global trade away from a crucial artery for consumer goods and energy supplies athat is expected to trigger delays and rising prices. BP said Monday that it's “decided to temporarily pause all transits through the Red Sea” including shipments of oil, liquid natural gas and other energy supplies. Oil prices rose partly over market nerves about attacks by the Iranian-backed Houthis. They've targeted co...