Overview

• Houthi rebels resumed strikes this week in the southern Red Sea, sinking two commercial vessels and killing at least four sailors
• War-risk insurance rates for Red Sea transits have more than doubled, with some underwriters suspending coverage
• Daily ship passages through the Bab al-Mandeb strait have plunged from an October 2023 average of 79 to roughly 32–35 vessels
• Vessels are broadcasting nationality and religious status via AIS tracking to deter Houthi targeting
• The campaign’s escalation jeopardizes a fragile Washington-brokered maritime truce and complicates broader regional diplomacy