Houthi advances along Yemen’s Red Sea coast and control of Bab el-Mandeb chokepoints have intensified risks to Saudi oil exports, driving war-risk insurance premiums sharply higher and prompting rerouting of VLCC and Suezmax tankers around the Cape of Good Hope. Recent strikes on Aramco facilities and an attempted attack on a tanker south of Mokha on October 15 underscore the group’s focus on Saudi-linked vessels, while a Saudi-backed Yemeni counteroffensive seeks to reclaim coastal positions. These dynamics have supported elevated tanker freight rates and contributed to volatility in Brent crude benchmarks, with traders monitoring upcoming FOMC signals on energy inflation alongside further Red Sea developments that could alter supply routes or force additional rerouting.