US-Houthi diplomatic channels remain active, with President Trump stating on November 9 that the group has agreed not to target American forces or vessels and is maintaining constant communication to uphold the 2025 ceasefire. Houthis have reiterated this commitment in recent Oman-mediated talks while lifting their Red Sea shipping blockade following the Israel-Hamas ceasefire implementation. The United States has limited its role to intelligence and targeting support for Saudi-led operations against Houthi advances on the Red Sea coast and strikes on Saudi territory, avoiding direct offensive action. Key near-term factors include the mid-November UN Security Council vote on Yemen sanctions, ongoing Saudi-backed government counteroffensives, and Houthi warnings that renewed US or UK strikes could end the restraint. Trader assessments hinge on whether these assurances and limited US involvement persist amid broader regional escalation.