Recent Houthi missile and drone strikes targeting Saudi airports, oil infrastructure, and southern provinces such as Asir and Jizan have intensified since the breakdown of the 2022 truce, with Saudi air defenses intercepting most projectiles and reporting limited debris damage. Ground fighting remains concentrated inside Yemen, including around Taiz and Red Sea coastal areas, without verified Houthi cross-border troop movements into Saudi territory. The Saudi-led coalition continues airstrikes on Houthi launch sites and storage facilities, while diplomatic contacts involving Saudi Arabia, Iran, and other regional actors address de-escalation. These patterns of long-range attacks aimed at economic pressure, combined with robust Saudi defensive capabilities and the absence of large-scale ground operations, shape trader assessments of any near-term territorial incursion.