Recent Houthi territorial gains along Yemen’s Red Sea coast, including the September 10–11 seizure of Mokha port and Perim Island in the Bab el-Mandeb Strait, have heightened risks to oil tanker traffic rerouted from the disrupted Strait of Hormuz. Saudi Arabia’s Petroline pipeline, carrying the bulk of its seaborne crude exports via Yanbu, faced attacks and precautionary shutdowns, forcing greater reliance on vulnerable Red Sea routes amid ongoing Houthi strikes on tankers. These developments have driven freight rate spikes and elevated implied volatility in energy benchmarks, with Brent crude trading above $100 per barrel in recent sessions. Traders are pricing in elevated supply disruption probabilities ahead of potential further military responses or diplomatic de-escalation efforts.