Major Oil and Shipping Companies Suspend Travel Through Key Waterway

Published on December 18, 2023

A number of large shipping companies and oil firms have said they are suspending transit through the Red Sea to avoid attacks from the Yemen-based Houthi militant group amid the Israel–Hamas war as oil prices posted steep gains after the news development. Brent crude, the global benchmark, was up 2.7 percent at $78.68 a barrel by 9.30 a.m. ET. U.S. oil also rose 2.7 percent to around $73.38 a barrel as of Monday morning. Norwegian oil and gas firm Equinor on Dec. 18 said it had re-routed some vessels that had been heading toward the Red Sea as Belgian oil tanker firm Euronav said on Dec. 18 it would avoid the Red Sea area until further notice....

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