Red Sea Shipping Shock: Bab el-Mandeb traffic is stuck at about 26 ships a day versus a pre-crisis average near 70, as Houthi gains and war-risk costs keep freight moving at a discount—bad news for Djibouti’s port business and Ethiopia’s import bills. Houthi Expansion & Oil Risks: The Houthis have seized more islands around Bab al-Mandeb, tightening their grip on the route and raising fears of longer disruptions after Saudi pipeline damage and renewed strikes. Djibouti Refugee Pressure: Djibouti says arrivals of Yemenis already exceed national capacity, with Interior Minister Omar Abdi Said warning the displaced could reach around 10,000 in coming weeks. Aid Funding Moves: Qatar Charity pledged $1m for emergency support in Djibouti, while the UN says displacement inside Yemen tops 100,000 and humanitarian operations are under strain. Security Concerns for Camp Lemonnier: Analysts warn the Houthis’ proximity to Perim Island puts Djibouti’s Camp Lemonnier within reach of missiles and drones, renewing base security worries. Regional Diplomacy: IGAD ministers met in Djibouti to push for stronger bloc ownership amid financial strain and wider Horn crises. Artemis Accords: The US welcomed Djibouti’s signing of the Artemis Accords, adding momentum to Djibouti’s international partnerships beyond trade and security.