Recent Houthi seizures of Perim Island, Mokha, and Dhubab have tightened control over Bab el-Mandeb, halving daily transits to around 15 vessels on September 11 from prior averages near 30, with tanker crossings dropping as low as three on some days amid a Saudi-linked maritime embargo. This compounds Strait of Hormuz disruptions, lifting Brent crude above $104 per barrel and elevating freight costs via Cape of Good Hope reroutes that add 10–14 days and 25–30% premiums. Trader sentiment reflects heightened implied probabilities of further volume contraction or temporary zero-transit days due to risk premiums and selective sailings, though partial flows of crude, products, and bulk cargo persist. Key near-term catalysts include Saudi pipeline status, naval responses, and any expanded Houthi targeting that could shift energy benchmarks and shipping indices.