The fragile maritime truce in the Red Sea has effectively collapsed this week as Houthi forces in Yemen resumed long-range missile strikes against Israeli targets, signaling a return to active hostilities against commercial shipping. EUNAVFOR Operation ASPIDES issued a high-level advisory on March 29, 2026, warning that vessels with Western or Israeli affiliations face an 'imminent risk' of attack. This escalation coincides with a virtual standstill at the Strait of Hormuz, where Iranian naval units have implemented a selective transit regime, allowing only 'non-belligerent' vessels to pass. Shipping analysts report that freight insurance premiums have surged by 40% in the last 48 hours, with major carriers once again considering the Cape of Good Hope diversion. The Joint Maritime Information Center confirmed that several merchant vessels, including the tanker SKYLIGHT, were damaged by projectiles in late March, marking the most violent week for the corridor since the conflict's peak in 2024.