Houthi territorial gains along Yemen’s Red Sea coast since September 2026, including control of Mokha, Mayyun Island, and adjacent positions, have strengthened their leverage over Bab el-Mandeb transit lanes. This has sustained elevated maritime risk, with ISPS Security Level 3 in force and ongoing Saudi-led coalition strikes and ground operations. Daily vessel transits remain below pre-crisis averages at roughly 29 per day in late October, though traffic continues at reduced volumes without a full operational shutdown. Recent missile interceptions and targeted attacks on Saudi-linked assets rather than indiscriminate shipping have kept the strait open but volatile. Traders monitor Yemen frontline developments, potential further Houthi advances toward Aden, and any shift in attack patterns that could prompt broader rerouting or enforced restrictions.