Yemeni government-aligned forces announced a withdrawal on November 15 from positions near Dhubab and the Bab el-Mandeb Strait, handing the Houthis unchallenged control of Perim Island and adjacent coastline after their September 2026 seizure. Brief government counteroffensives in early October temporarily reversed some gains but did not hold, leaving the Iran-backed Houthis positioned to influence Red Sea shipping lanes amid broader regional tensions. Trader consensus assigns low implied probabilities to Houthi loss of control by late 2026, reflecting the absence of sustained external military intervention or negotiated withdrawal and the priority southern forces now place on defending Aden against further Houthi pressure. No major diplomatic or electoral deadlines are scheduled to alter the immediate balance before year-end.