Shell Suspends All Red Sea Shipments Indefinitely Amid Houthi Attacks from Yemen, According to Report

Shell has indefinitely halted its Red Sea shipping operations due to ongoing Houthi assaults from Yemen, as reported by The Wall Street Journal. These disruptions may drive up the cost of consumer goods in Europe.

The Journal reported the news first, while Shell did not immediately respond to FOX Business's inquiry.

Other companies like BP and Qatar Energy have also suspended Red Sea transits, which could lead to higher prices for European consumers, according to a DP World executive at the World Economic Forum in Davos.

Houthis have increased attacks in the region since November, targeting commercial shipping and threatening to spread the conflict through the strategic trade route to the Suez Canal after recent U.S. and U.K. military responses.

These assaults included an incident last month where a Shell tanker transporting jet fuel was targeted.

The Red Sea is a major artery for global trade, with 12% of global seaborne oil trade passing through it.

The U.S. conducted further airstrikes against Houthi missile caches in Yemen, reportedly destroying anti-ship missiles intended for use against commercial shipping. Additionally, a Greek-owned ship sailing under a Maltese flag was hit by a missile off Yemen's coast.

Following the airstrikes, some tankers have opted to bypass the Red Sea, and industry groups are advising ships to steer clear of the high-risk area.