Oil Gains as BP Joins Shippers Avoiding Red Sea’s Rising Attacks
- BP says it will pause all oil tanker transits through waterway
- WTI rises to settle above $72, the highest in two weeks
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Oil rose to the highest in two weeks as more oil companies and tanker owners began to avoid the Red Sea amid increasingly frequent attacks in the region.
West Texas Intermediate advanced 1.5% to settle above $72 a barrel at the highest since Dec. 4. Prices earlier spiked as much as 4%. BP Plc said it will pause all shipments through the Red Sea, while Equinor ASA is diverting vessels away from the region. Euronav NV, a major shipowner, is also keeping its ships clear, citing safety concerns.