Houthis seize Perim Island and much of Yemen’s Red Sea coast, tightening control of Bab al‑Mandeb

On 11 September 2026 Houthi forces captured Perim (Mayyun) Island and seized Yemen’s Red Sea coast, consolidating control over the Bab al‑Mandeb strait and materially increasing risk to a key global oil and trade corridor previously used as an alternative to the Strait of Hormuz.

Control of Perim and the western Yemeni coast raises the risk of further disruptions to vessels transiting the Bab al‑Mandeb. If shipping through the strait is constrained, higher insurance and shipping costs could raise fuel and trade costs for African importers (e.g., Djibouti) while temporarily easing revenue risk for oil exporters that reroute or benefit from higher prices. The net effect on sovereign curves and FX will depend on the duration of disruption, any international naval response, and oil price moves — not the seizure alone.

Monitor reports of international naval deployments or coordinated convoy measures and any Saudi or US military strikes within days.