Recent Houthi territorial gains around the Bab el-Mandeb Strait, including Perim Island in September 2026, have heightened risks to Red Sea shipping lanes that handle roughly 10% of global trade. Attacks on commercial vessels persisted into late summer, sustaining elevated war-risk insurance premiums and forcing reroutes around the Cape of Good Hope that boosted ton-mile demand and container freight rates, with the Drewry World Container Index near $4,468 as of late September. Saudi crude exports through the strait declined sharply after the July blockade announcement, pressuring oil logistics and Suez Canal revenues for Egypt. A mid-October Houthi announcement to halt attacks was quickly followed by renewed strike threats amid U.S. naval movements, keeping trader-implied probabilities sensitive to any confirmed kinetic incidents on commercial ships before upcoming resolution dates.