A post by @FirstSquawk on X.

Yemeni forces loyal to the internationally recognized government said they are pulling back from the Bab el-Mandeb area, ceding territory overlooking the strategic shipping chokepoint to the Iran-backed Houthis. The withdrawal hands the Houthis fuller control of the coastline abutting a waterway that carries a substantial share of global seaborne trade, including oil and container cargo, and follows a period in which the group has disrupted Red Sea shipping. The development matters because Bab el-Mandeb is one of the world's most important maritime corridors, and control of its shores shapes the risk premium attached to transit through the Red Sea and Suez Canal. Traders will watch whether the Houthis resume or intensify attacks on commercial vessels, whether major carriers extend diversions around the Cape of Good Hope, and how freight rates, insurance costs and oil prices respond.