BP, the oil and gas giant, has announced the temporary suspension of all shipments through the Red Sea due to an escalation of attacks on merchant shipping by Houthi militants. The decision follows a wave of attacks on vessels in the region, prompting major container shipping companies to hold off on transiting through the Red Sea. BP's move, affecting both owned and chartered vessels, is a precautionary measure in response to the deteriorating security situation in the area. The pause means ships cannot use the Suez Canal, necessitating longer voyages around Africa, leading to increased costs, delays, and heightened demand for vessels.

The decision to avoid the Red Sea comes amid heightened security concerns and uncertainty in the region. The US and its allies are reportedly considering plans to secure the Red Sea, a crucial maritime route through which about 12% of global seaborne trade must pass. The situation underscores the challenges and disruptions faced by the shipping and energy industries due to geopolitical tensions and security threats in critical waterways.

BP emphasized that the welfare of its crew is a top priority, reflecting a cautious approach that prioritizes safety over commercial considerations. The move contributes to the broader concerns about the impact of geopolitical events on global energy flows and trade routes, affecting shipping, oil, and gas markets.