Two explosions were reported in Mokha, Yemen, from missiles fired by the Houthis

Missile launches attributed to the Houthis fit a pattern in which the durable market channel has been the Red Sea and Bab el-Mandeb transit corridor rather than the strikes themselves: rerouting around the Cape, higher war-risk insurance premia, and longer voyage times tightening effective tanker and container capacity. Mokha sits on the Yemeni coast north of the strait, so launches from that area historically reinforce the threat to shipping rather than opening a new front; the distinction that has mattered in prior episodes is between launches toward land targets inside Yemen or Saudi Arabia, which tend to fade from pricing quickly, and launches paired with attempted strikes on commercial vessels, which sustain freight and crude premia. The actors and their form are well established, with such fire tending to come in clusters tied to wider regional escalation cycles and to ceasefire or retaliation headlines. The tells worth noting are confirmed vessel hits or near-misses, coalition or US retaliatory strikes on launch sites, and any shift in carrier transits or insurance quotes, which is where the transmission to crude and container rates has actually run. On previous occasions of this kind the initial move in oil and freight has tended to retrace absent a confirmed hit on shipping, with the risk premium rebuilding on repetition rather than on any single launch.