Recent Houthi territorial gains along Yemen’s Red Sea coast in September 2026, including capture of Mokha port and Perim Island at the Bab el-Mandeb Strait, have heightened risks to maritime traffic and driven elevated freight rates and insurance premiums for vessels transiting the chokepoint. Attacks on Saudi-affiliated tankers, such as the Amzan in August, combined with a declared embargo on Saudi-linked shipping, have prompted rerouting around the Cape of Good Hope for some carriers, adding 10–14 days and roughly $1 million per voyage while Brent crude has held above $100 per barrel amid disrupted flows. Saudi pipeline shutdowns and reduced transits through the strait—down sharply from pre-escalation levels—reflect these pressures, with volumes contracting notably since July. Key upcoming factors include verification of any government counteroffensives reported in early October and potential further strikes on energy infrastructure.