Red Sea Strikes Ignite Oil Price Fears.

Hello and you're listening to the Marketplace Morning Report live from the BBC World Service.

I'm Niana Byrne and a very good morning to you.

Analysts are warning oil prices will rise as companies stop transporting fuel and goods across the Red Sea

due to attacks on commercial ships.

30% of global container trade passes through the Suez Canal.

Oil Giant BP is paused its fleet using the route.

Shipping Company Merisk says it will take the route around Africa's Cape of Good Hope,

adding 3,500 miles to its journeys.

US Defence Secretary Lloyd Austin says 10 countries have formed a coalition

to protect ships from attacks launched by Hooty rebels in Yemen.

Here's the BBC's Shringoneioca.

The US really stressed that this is an international problem that requires an international response.

Previously the UK, US and France patrolled the Red Sea since this rise in attacks and they shot

down some drones and missiles. There's a sense here that there need to be more countries involved in this protection.

Shingaioka there. Abir Lejeta is CEO of EdgyTranz and

Freight Company based in Egypt.

If it's prolonged, I think it could cause another rise in freight

rates after they had already decreased due to higher marine insurance costs.

And I think that each ship taking the long way around Africa

can experience as much as two to three weeks of delay

compared to taking the shorter red sea route.

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