Mumbai, July 28 -- Commercial shipping through the Bab el-Mandeb Strait has slowed sharply in recent days as heightened security risks, insurance restrictions and evolving military developments in the Middle East prompt ship operators to reassess routes through the Red Sea, according to an S&P Global report.

The report said vessel crossings through the Bab el-Mandeb Strait fell to an average of 31 per day over the last three days from an average of 43 per day in the first half of July. Traffic through the Strait of Hormuz also moderated to an average of 17 vessel crossings per day over the past three days.

On latest shipping trends, S&P Global said, "Vessel crossings through the Bab el-Mandeb strait slumped over the last three days to a...