WSJ: Shell Joins BP and Other Companies in Avoiding Shipping Through the Red Sea

British oil giant Shell has suspended all shipping of oil through the Red Sea and the Suez Canal over fears a successful strike on their ships from Houthi projectiles could lead to massive oil spills and endanger the crews, per reporting by the Wall Street Journal.

Shell thus joins the ranks of a number of energy companies such as BP and shipping companies such as Maersk, who have also decided to indefinitely suspend shipping through the Red Sea, presumably as long as the Iran-backed Houthis continue to try and fire at ships suspected of being connected to Israel, even remotely.

The Houthi blockade is thus not only affecting container shipping but also energy shipping through the Red Sea route, with possible ramifications for the global economy, especially in the form of higher prices and inflation.