Oil giant BP has paused all of its tanker journeys through the Red Sea after to attacks by militants in Yemen.
The company said it made the call because of a “deteriorating security situation” for its shipments.
It comes after recent days have seen Iranian-backed Houthi militants stepping up attacks on vessels in the Red Sea.
The rebels are understood to be targeting ships using the Bab el-Mandeb Strait, with the pro-Hamas group seeking to disrupt ships set for Israel.
On Monday, BP said: “In our trading & shipping business, as in all BP businesses, the safety and security of our people and those working on our behalf is BP’s priority.
“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.
“We will keep this precautionary pause under ongoing review, subject to circumstances as they evolve in the region.”
A number of shipping firms, such Maersk, had already paused container shipments through the area due to the surge in attacks.
Danish firm Maersk said it would suspend its activity in the region following a near miss involving its Maersk Gibraltar ship on Thursday.
Oil and gas prices increased on Monday due to the potential disruption caused the shipping issues.
Brent crude oil increased by around 1% to 77.2 US dollars per barrel.
Meanwhile, wholesale oil prices rose more sharply, with the European benchmark for gas, Dutch front month futures, rising by over 7% to over 35 euros be per megawatt hour.
The shipping route is a key area for global trade, particularly for the transport of oil, grain and consumer goods from east Asia.
