BP suspends all oil shipments through the Red Sea as attacks escalate

BP said Monday it has suspended gas and oil shipments through the Red Sea amid a surge in attacks on ships in the region from Houthi-controlled areas of Yemen.

The energy giant's decision to temporarily freeze shipments pushed up global oil prices on Monday, fueling fears that geopolitical tensions in the Middle East could throttle energy supplies. "In light of the deteriorating security situation for shipping in the Red Sea, bp has decided to temporarily pause all transits through the Red Sea," BP said Monday in a statement. 

Global oil prices jumped on Monday, with Brent and West Texas Intermediate crude rising nearly 3% to $73.49 and $78.68, respectively, according to Bloomberg.