British oil major Shell indefinitely suspended all its shipments through the Red Sea on Tuesday, following in the steps of other shipping giants who have paused or rerouted operations away from the Suez Canal amid strikes by Houthi militants.

Shell’s decision, reported by the Wall Street Journal, cites unnamed individuals who said the decision was based on the deteriorating security situation. Maersk, Equinor, BP, and QatarEnergy have announced plans to pause or reroute their shipments away from the Red Sea in recent weeks.

Shell declined to respond to the Washington Examiner’s request for comment.

A spokesman for Yemen’s Houthi group said Monday that it now views American and British ships in the Red Sea as legitimate targets after the two countries launched airstrikes on targets in Yemen last week as retaliation for weeks of strikes the group has carried out on shipping vessels attempting to pass through the Bab el Mandeb Strait to the Suez Canal.

“All American and British ships and warships involved in the aggression against our country are considered hostile targets,” military spokesperson Yahya Saree told Al Jazeera.

U.S. Central Command officials said Monday that the Yemen Houthi group struck a U.S.-owned vessel with an “unidentified projectile” while traveling off the Gulf of Aden and recommended U.S.-flagged or owned ships to suspend activity in the area “sine die,” or until further notice.

A British ship also came under attack late Monday.

News of the disruption pushed up oil prices slightly, with international benchmark Brent crude seeing gains of roughly 81 cents, or up to $78.96 per barrel, and U.S.-based West Texas Intermediate prices rising to $73.09 per barrel.

The Suez is a key international waypoint for oil and liquefied natural gas shipments traveling west from the Persian Gulf.

More than 12% of total seaborne oil shipments and 8% of LNG shipments passed through the Suez in the first half of 2023, according to the Energy Information Administration.

The Red Sea violence has raised new concerns about a broader conflict that analysts fear could cause widespread disruption to shipping firms and commodities markets.

Europe also depends heavily on the Suez for energy supplies, meaning it could feel the brunt of delays.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

The number of vessels entering the Red Sea already decreased by roughly 50%, year-on-year.

The alternative for shippers is longer and more costly: Companies rerouting away from the Suez must travel around Africa’s Cape of Good Hope, a trip that takes roughly 10-20 more days and runs approximately three times the cost of using the Suez.