Houthi forces declared a naval blockade targeting Saudi-linked vessels in July 2026 amid escalating Saudi-Yemeni clashes, leading to multiple strikes on tankers and cargo ships through late August, including the Amzan and Tihamah incidents. No corroborated kinetic attacks on commercial shipping have occurred since then, coinciding with Saudi export shifts away from Yanbu, increased dark transits, and partial traffic recovery through the Bab el-Mandeb, where October containership passages rose 35% year-over-year though remaining well below 2023 levels. War-risk insurance premiums have risen sharply or been withdrawn for some routes, elevating rerouting costs via the Cape of Good Hope and pressuring Suez Canal volumes, which recovered modestly but stayed 39% below pre-crisis norms. Trader sentiment on near-term resolution dates incorporates these dynamics alongside ongoing Houthi territorial gains near the strait and potential for renewed escalation tied to broader regional tensions.