Recent Houthi seizures of Perim Island, Mokha, and Dhubab have sharply escalated risks at Bab el-Mandeb, halving daily vessel crossings to 15 on September 11 from 30 the prior day amid a maritime embargo targeting Saudi-linked shipping. This compounds disruptions from the Strait of Hormuz, forcing reroutes around the Cape of Good Hope that add 10–14 days and 25–30% to voyage costs while elevating war-risk insurance premiums above 1% of hull value. Brent crude has responded with gains toward $105–110 per barrel as Saudi Red Sea loadings fell roughly 50% to about 1.5 million barrels per day. Limited tanker and bulk transits continue where contracts justify the hazard, but container traffic largely avoids the strait; any further territorial advances or sustained attacks could pressure volumes toward zero on a single day, while economic incentives for opportunistic sailings may sustain minimal flow.