BREAKING: OIL jumps as BP halts Red Sea tanker crossings

Oil prices jumped shortly before noon today, following an announcement from UK oil giant BP. BP said that it will halt all tanker crossings through the Red Sea, one of the world's busiest maritime shipping routes. The decision comes in response to a recent pick-up in hostilities in the Red Sea, namely attacks by Yemen-based Houthi rebels against commercial ships.

Brent (OIL) jump over 1% after BP announced halt to Red Sea tanker crossings. Source: xStation5

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