Crude Oil Price Jumps 3% as BP Announces Suspension of Red Sea Transits

The price of crude oil has jumped 3 percent to nearly $74 a barrel, which comes as BP said it would suspend shipping operations through the Red Sea as Houthi attacks against commercial vessels continue to mount.

Likewise, several major container shipping companies have also announced a halt to operations in the region through the Suez Canal, which means vessels will be re-routed around Africa, thus increasing voyage times and freight rates.