British Petroleum (BP) has suspended all oil and gas shipments through the Red Sea in response to an escalation of attacks on cargo ships by Iran-backed Houthi militants in Yemen.

The announcement came on Monday, citing a "deteriorating security situation" in the region amid heightened tensions in the Middle East.

BP's decision marks the first instance of an oil company directly halting its own shipping operations. The move follows similar actions taken by five major shipping companies, which have ceased their vessels from traversing the waters connecting Asia and Africa, including the strategic Suez Canal that links Asia to Europe.

The shipping companies are implementing precautionary measures to safeguard their vessels following attacks by Houthis, who are protesting Israel's actions against Hamas in Gaza. The incidents include an attack on a US warship, and commercial vessels have been targeted off the coast of Yemen.

In a statement, BP emphasized its commitment to prioritizing the safety and security of its personnel and those working on its behalf. The company declared, "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."

Separately, US Defense Secretary Lloyd Austin is expected to announce the launch of an expanded maritime protection force titled Operation Prosperity Guardian. The operation will involve Arab states and aims to counter the attacks that threaten the vital trading route of the Red Sea, impacting the transportation of various products into Europe.