Recent Houthi missile and drone strikes on Saudi targets, including Riyadh airports and energy infrastructure, have disrupted an informal 2022 truce and triggered Saudi-led coalition airstrikes plus ground operations to reclaim Red Sea coast territory near the Bab al-Mandab Strait. Parallel diplomacy includes Saudi-Omani delegations holding talks in Sanaa on a near-final draft peace agreement that would extend a UN-brokered truce for six months, open ports and roads, and establish a two-year transition, alongside Iran-mediated discussions that ended without a deal but produced commitments to continue. Houthi demands center on lifting restrictions, salary payments, and compensation, while Saudi positions reject concessions under pressure and require territorial returns. Upcoming prisoner exchanges and UN-mediated talks could influence any two-week pause or sustained ceasefire.