The decision was made due to the deteriorating security situation in the region

The oil and gas giant BP has announced the suspension of all shipments through the Red Sea following the increase in attacks on merchant ships by Houthi militants. 

Bloomberg writes about it. 

This decision, which is an important signal of the difficulties in the energy supply industry after the escalation of attacks, was made just a few days after the temporary suspension of all the world's leading container shipping lines. It comes into effect for all BP-owned and chartered vessels.

"Due to the increasing threats to the safety of shipping in the Red Sea, BP has decided to temporarily suspend all transit traffic through the region," the company said in a statement.

These difficulties point to severe inflation and economic pressures that reinforce the importance of ensuring security in the region. The United States and its allies are already working on a plan, but it is not yet finalized. Bypassing the Red Sea requires a detour through Africa, which adds miles and delays to the delivery of goods.