Recent Houthi announcements ending attacks on Red Sea shipping, combined with accelerating carrier returns, have driven a sharp rebound in Bab el-Mandeb transits. September 2026 container crossings reached 314—the highest monthly total since late-2023 disruptions—with weekly averages near 280 vessels and daily figures of 20–30 in early October. This recovery reflects easing war-risk premiums, shorter Asia-Europe routing versus Cape diversions, and restored Suez Canal volumes that support Egyptian revenues while pressuring freight rates lower. Tanker traffic remains more selective amid lingering Saudi-related restrictions, yet overall flows have stabilized well above zero. Key near-term catalysts include sustained ceasefire adherence, FOMC-adjacent risk sentiment, and any renewed territorial shifts that could alter insurance or routing decisions. Trader consensus on related contracts prices a full daily halt as low-probability through year-end, consistent with current traffic momentum and reduced attack frequency.