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Posted on: 19/12/2023

Red Sea attacks, risk oil prices rising.

Red Sea attacks, risk oil prices rising.

Following recent attacks in the Red Sea, major shipping firms including BP will now be avoiding the Suez Canal.

The immediate impact of this is shipping will be diverted on a much longer route via the Cape of Good Hope. The cost of this, as well as the delay, could see prices of crude oil rise.

If this situation carries on for an extended period, we would anticipate any potential impact on oil supply to happen in January.

We want to reassure you: that there's still currently ample heating oil available should you need a top-up in the New Year.