Recent high-level talks in Tehran on October 26 between Iranian officials and Saudi, Pakistani, and Turkish counterparts mark the first such direct contact since escalation in the broader regional conflict. The meetings focused on de-escalation and regional security cooperation following weeks of Iran-backed Houthi missile and drone strikes on Saudi energy facilities, airports, and infrastructure. Saudi Arabia participates in the Mecca defense pact with Turkey and Pakistan, which aims to deter further attacks while pursuing diplomatic channels to avoid direct confrontation. Ongoing proxy pressure from Yemen, combined with uncertainties around U.S.-Iran dynamics and potential deadlines in related prediction markets, shapes trader assessments of whether Iran will initiate qualifying direct military action against Saudi targets before resolution dates.