Recent Houthi advances along Yemen’s western coast, including the September 10 seizure of the strategic Red Sea port of Mocha, have intensified pressure on Saudi-backed government positions and displaced thousands toward Aden, the government’s base. These gains near the Bab el-Mandeb Strait have lifted Brent crude above $100 per barrel amid renewed threats to global shipping lanes that handle roughly 12% of trade. Trader sentiment on entry timelines into Aden reflects the rapid escalation since early September fighting spread across Taiz and coastal provinces, with government forces regrouping after retreats and the UN warning of a “dangerous phase.” Key near-term catalysts include potential further Houthi pushes south, Saudi or coalition responses, and any diplomatic interventions that could alter the pace of ground operations.