BP stops all Red Sea shipments after rebel attacks
The firm blamed the "deteriorating security situation" in the region as Iran-backed Houthis target ships they believe are bound for Israel.
Many freight firms have suspended journeys as the attacks continue.
BP said it would keep its "precautionary pause under ongoing review" and monitor the region.
Analysts suggested that if other large oil firms follow suit, oil prices could rise. Brent crude, the international benchmark foroil prices, increased to $78.44 per barrel.
"Right now it's unclear how significant the impact will be," said Gregory Brew, an oil historian and analyst at Eurasia Group.
"Though if more shipping companies divert their traffic, and if the disruption lasts more than a week or two, prices are likely to climb further."
The Red Sea is one of the world's most important routes for oil and liquefied natural gas shipments, as well as for consumer goods.
Analysis by S&P Global Market Intelligence found that nearly 15% of goods imported into Europe, the Middle East and North Africa were shipped from Asia and the Gulf by sea. That includes 21.5% of refined oil and more than 13% of crude oil.
"Consumer goods will face the largest impact, though current disruptions are occurring during the off-peak shipping season," said Chris Rogers from S&P Global Market Intelligence.
On Monday, one of the world's largest shipping firms said it would no longer carry Israeli cargo via the Red Sea.
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