It is a unsurprising next step. £1m missiles against low cost drones is not sustainable. The question is, should we be getting involved with either of these fights? The rest of the world (ex USA) isn't? I'd have been advising UK bound ships to go the long way round and letting Egypt take a lead on sorting this out as they will be losing the Suez custom.
Global shipping logistics is far too integrated and dependant on economies of scale for that to work. An entire region of downstream client countries is affected or no one is. There is no 'we should just look after our own', it cant work.
I agree all countries dependent on trade should be involved but there are not many that can easily project force so far, especially outside the wealthier European countries. Most have forces barely adequate for the defence of their own territory.