Recent Saudi-Omani delegations arrived in Houthi-controlled Sanaa to present a near-final draft peace agreement, proposing a six-month UN truce extension, direct UN-facilitated talks with Yemen’s recognized government, a two-year transition, port and airport access, salary payments from oil revenues, and road openings. These moves follow Saudi Defense Minister Khalid bin Salman’s October 26 talks in Tehran with Iranian, Pakistani, and Turkish officials, where reports of a $1 billion financial package via Iran for a ceasefire emerged but remained unconfirmed, yielding only commitments to continue dialogue. Ongoing Houthi missile and drone strikes on Saudi infrastructure, including Riyadh airport and pipelines, alongside prisoner exchanges and UN Security Council calls for intensified negotiations, shape trader assessments of near-term announcement prospects amid unresolved demands over blockades and comprehensive implementation.