Recent Houthi territorial advances along Yemen’s Red Sea coast, including capture of Mocha and Perim Island in early September 2026, have intensified pressure on Bab el-Mandeb transits, driving selective embargoes on Saudi-linked vessels and prompting widespread rerouting around the Cape of Good Hope. Daily crossings have fallen sharply on some dates—halving to 15 vessels or tanker transits dropping to three, 44% below the recent average—yet aggregate volumes persist near 30–37 ships per day according to Kpler and Houthi reports, supported by non-Saudi tankers and bulk carriers. Elevated risk premiums have lifted Brent crude toward $105 per barrel while increasing voyage costs and delays for Asia-Europe trade. Key near-term catalysts include ongoing ground fighting and potential further Houthi targeting that could test whether traffic reaches zero on any single day.