British Petroleum (BP) on Monday announced a temporary halt of its oil and gas shipments through the Red Sea amid increased attacks on its vessels by Houthi rebels from Yemen. The issue became even more pronounced after the Israel-Hamas war was ignited on October 7.

This move reflects widespread concerns in the global shipping industry about security risks in the region and the growing international impact of the war in Gaza.

BP said Monday it has suspended gas and oil shipments through the Red Sea amid a surge in attacks on ships in the region from Houthi-controlled areas of Yemen.

The energy giant's decision to temporarily freeze shipments pushed up global oil prices on Monday, fueling fears that geopolitical tensions in the Middle East could throttle energy supplies. "In light of the deteriorating security situation for shipping in the Red Sea, bp has decided to temporarily pause all transits through the Red Sea," BP said Monday in a statement.

Global oil prices jumped on Monday, with Brent and West Texas Intermediate crude rising nearly 3% to $73.49 and $78.68, respectively, according to Bloomberg.

At least six energy and shipping companies have halted traffic traversing the Red Sea because of a recent increase in missile and drone strikes on ships and oil tankers from areas controlled by the Houthis, an Iran-backed rebels group based in Yemen. Houthi militants have launched a series of drone and missile strikes targeting Israel since Hamas' Oct. 7 attack on the country.

The Red Sea, a critical maritime route through which ten percent of the world’s seaborne trade passes appears to be a deteriorating security situation, especially near the Bab al-Mandab Strait at the southern end of the Red Sea. The strait is an important throughway to the Suez Canal.

The Iranian-backed Houthis have intensified efforts to disrupt maritime traffic in the region. The rebels have targeted Israel-linked ships and have used drone and anti-ship missile attacks. In several instances, they seized ships traveling through the Red Sea.

Iranian-backed Houthi terrorists based in Yemen hijacked an Israeli-owed commercial vessel Sunday as it was in international waters. The Bahamas-flagged roll-on-roll-off ship auto-carrier disappeared from tracking systems just before noon GMT (6 a.m. EDT) while transiting the Red Sea in international waters.

It is partially owned by Tel Aviv-based Ray Shipping Ltd, which operates a fleet of 65 pure car and truck carriers (PCTC). It has a crew of 22, none of whom are known to be Israeli.

The escalation in hostilities has had a ripple effect on global trade, with many major shipping companies, such as Maersk and Hapag-Lloyd, also suspending their traffic in the area. The increased risks have forced these organizations to seek out alternate routes, which could cause delays in cargo deliveries and increase transport costs.

The Houthis are a Yemeni group currently embroiled in a bloody war against the government, which is backed by Saudi Arabia. The conflict began in 2014 when the Houthis seized Sanaa, the capital of Yemen. This move led to the intervention of a Western-backed coalition led by Saudi Arabia. The United States has been supporting the Yemeni government against the rebels.

The motivations behind the Houthis’ attacks are two-fold. The rebels seek to exert economic pressure through attacks on oil ports in government-held areas. They aim to disrupt crude oil exports, an act that would diminish the Yemeni government’s revenues.

The Houthis have been attacking oil ports in government-held areas as they pile on pressure to extract economic gains in United Nations-led talks for an extended truce deal that have dragged on. Officials say these attacks have disrupted crude oil exports, choking state revenues.

The Houthis are also motivated by animus toward Israel and support for the Palestinians. It has pledged to continue its operations “until the Israeli aggression stops.”

In response to the increased attacks, the United States Navy has sought to establish a coalition to protect trade through the Red Sea. The U.S.S. Carney and U.S.S. Mason have already engaged in defensive actions against Houthi drones and other vessels.

The worsening situation in the Red Sea has had a deleterious impact on global trade. BP’s decision to suspend shipping in the region underscores the severity of the threat and the need for an international response to ensure the safety of maritime trade routes.