Shipping companies expressed caution about using the shorter route between Asia and Europe that many ships have avoided for more than a year.

Houthi rebels have backed the Gaza ceasefire agreement reached between Israel and Hamas, with the Yemeni group’s spokesperson saying they will halt their military operations against Israel as well as commercial ships in the Red Sea if the truce comes into force on Sunday.

The Sanaa-bsed HOCC, which liaises between Houthi forces and commercial shipping operators and is associated with the Houthi military, said it was stopping "sanctions" against vessels owned by U.S. or British individuals or entities, as well as ships sailing under their flags.

Yemen’s Houthi rebels have signaled they will limit their attacks in the Red Sea corridor to only Israeli-affiliated ships as a ceasefire in the Gaza Strip takes hold.

The Yemeni rebel group says it will stop targeting vessels that transit the Red Sea.

Yemen’s Iran-backed Houthi movement has released the crew of a cargo ship more than a year after its fighters hijacked the vessel in the Red Sea, as part of its campaign of attacks in support of Hamas in its war against Israel.

Operations at a Red Sea port in Yemen used for aid imports have fallen to about a quarter of its capacity, a UN official said on Tuesday, adding it was not certain that a Gaza ceasefire would end attacks between the Iran-backed Houthis and Israel.

The Houthis said they will stop attacking US and UK vessels in the Red Sea area in response to the Israel-Hamas ceasefire agreement after a year-plus campaign that’s upended global trade.

Yemen's Houthi rebels have signaled they will limit their attacks in the Red Sea corridor to only Israeli-affiliated ships as a ceasefire in the Gaza Strip took hold. The Houthis made the announcement in an email sent to shippers and others on Sunday.