Recent Houthi advances along Yemen’s Red Sea coast and intensified strikes on commercial vessels near Bab el-Mandeb have elevated risks to crude and product tanker traffic, with multiple incidents reported October 11–13 including drone strikes and the sinking of the GFS Pride. These developments coincide with Saudi-led counteroffensives and Houthi retaliation against Saudi energy infrastructure, raising the prospect of further supply-chain disruptions through a strait handling roughly 12% of global trade. Traders are monitoring potential impacts on Brent crude benchmarks, tanker freight rates, and insurance premiums amid ongoing escalations that could prompt rerouting or force majeure declarations on Red Sea routes. Key near-term catalysts include Saudi coalition operations and any expansion of Houthi targeting criteria beyond Saudi-linked vessels.