**Houthis’ October 13 announcement ending Red Sea attacks on Israeli-linked and Saudi shipping marks the primary near-term driver for trader sentiment on these contracts.** The group cited leadership changes after an August airstrike and stated it would lift its maritime blockade, potentially allowing traffic to resume through the Bab el-Mandeb Strait and Suez Canal. This follows September territorial gains near Perim Island and Mokha that had elevated war-risk insurance premiums, prompted Cape of Good Hope reroutes adding 10–14 days to voyages, and reduced Red Sea volumes by roughly 30–50 percent in prior periods. Financial impacts include higher freight costs, elevated tanker earnings for some carriers, and lost Suez Canal revenue for Egypt. Saudi crude exports via Yanbu and the strait have faced pressure amid the blockade. With resolution tied to confirmed kinetic strikes or seizures by October 15 or 31, any immediate compliance or last-minute incidents will determine whether implied probabilities shift sharply before expiry.