Global natural gas prices bounced back Monday, lifted by escalating tensions in the Middle East, where increasing attacks in the Red Sea have impacted commercial shipping operations. 

BP plc joined a growing list of major shipping companies in announcing that it would halt all of its oil and natural gas cargoes in the Red Sea. Iranian-backed Houthi militants, who support Hamas and Palestine, have been launching rocket and drone attacks from Yemen against vessels transiting the Bab al-Mandab Strait in the southern Red Sea.

The strait is a key passage that allows ships to travel to Egypt’s Suez Canal, a vital link between the Persian Gulf, Asia and Europe. BP said it would suspend all of its shipments in the region due to the “deteriorating security situation,” joining A.P....