Shell suspends all shipments through Red Sea following US and UK strikes

The clashes in the Red Sea will disrupt supply chains and add to costs and prices, EY Ireland partner Neal Johnston said

Price of crude oil traded slightly higher at $78 a barrel amid the Red Sea conflict.

Shell has suspended all shipments through the Red Sea indefinitely after US and UK strikes on Yemen's Houthis triggered fears of further escalation, while Japan's Nippon Yusen, the country's biggest shipper by sales, became the latest shipping giant to suspend navigation through the Red Sea. 

Last month, a tanker chartered by Shell to move Indian jet fuel was targeted by a drone in the Red Sea and harassed by Houthi boats, said the Wall Street Journal, which first reported the suspension by Shell. The price of crude oil traded slightly higher at $78 a barrel.