THE attacks on commercial vessels in the Red Sea by Yemen’s Houthi rebels have scared off at least a dozen of the world’s top shipping companies and oil giants.

The Economist magazine is reporting that the companies that have suspended operations, including the Swiss-Italian giant Mediterranean Shipping Company, France’s CMA CGM and Denmark’s AP Moller-Maersk, in the Red Sea represent more than 53 per cent of global container trade. 

The shock waves being sent through the world economy have led the United States and a host of other nations to create a new force to protect ships using the sea route.

Oil and gas giant BP said on Monday that it has “decided to temporarily pause all transits through the Red Sea,” including shipments of oil, liquid natural gas and other energy supplies. 

Describing it as a “precautionary pause,” BP said the decision faces ongoing review but crew safety was the priority.

Both oil and European natural gas prices rose partly over market nerves about the continued Houthi attacks. 

The narrow waterway that separates Yemen in west Asia from east Africa and leads north to the Red Sea and Suez Canal, is critical for the free flow of world trade. 

John Stawpert, senior manager of environment and trade for the International Chamber of Shipping, which represents 80 per cent of the world’s commercial fleet, said: “This is a problem for Europe. It’s a problem for Asia.”

He noted that 40 per cent of Asia-Europe trade normally goes through the waterway: “It has the potential to have a huge economic impact.”

US Defence Secretary Lloyd Austin said: “This is an international challenge that demands collective action. 

“Therefore today I am announcing the establishment of Operation Prosperity Guardian, an important new multinational security initiative.”

The US is still actively seeking member countries to join the mission and increase the number of navies present and participating.

Britain, Bahrain, Canada, France, Italy, Netherlands, Norway, Seychelles and Spain have joined the force, Mr Austin said. 

Some of those countries will conduct joint patrols while others provide intelligence support in the southern Red Sea and the Gulf of Aden.

Several other countries have also reportedly agreed to be involved in the operation but prefer not to be publicly named, a US defence official said.

Reports are emerging that the US is pressuring Saudi Arabia to end its Chinese-brokered peace deal with Yemen so they can join the US-led mission to protect shipping in the Red Sea.