Recent Houthi ballistic missile strikes on Aden’s presidential palace and international airport, including three attacks in the past week that killed five and wounded 16, represent the primary catalyst elevating trader focus on the market. These Iran-backed operations, part of renewed fighting after the 2022 truce collapsed, target Saudi-led coalition sites while Houthis advance along the Red Sea coast toward the Bab al-Mandeb strait, raising implied probabilities through direct pressure on the government-held port city. Government forces report counter-gains in Marib and Taiz, yet sustained Houthi missile and drone activity against Saudi infrastructure continues to influence energy market volatility and Red Sea shipping risk premiums. Key near-term catalysts include potential FOMC-adjacent oil price reactions and any reported territorial shifts in southern Yemen.