Houthi territorial advances along Yemen’s Red Sea coast and control of Bab el-Mandeb choke points since early September have sharply elevated risks to oil tanker transits, pushing Brent crude above $100 per barrel and VLCC spot rates past $1 million per day amid heightened insurance premiums and route diversions around the Cape of Good Hope. Saudi exports via the strait and Petroline pipeline have faced direct disruptions, with flows through the waterway previously averaging over 8 million barrels per day before recent attacks and blockades. Ongoing clashes, including October incidents near Mokha, sustain trader focus on potential seizures or further strikes, while elevated freight costs and supply-chain delays continue to influence energy and shipping benchmarks.