Saudi Arabia has faced repeated Houthi missile and drone strikes on Riyadh’s airport, Aramco facilities, and other sites since early October 2026, killing at least 13 people and prompting repeated Saudi-led coalition interceptions of projectiles. Riyadh has warned Tehran through direct diplomatic channels that continued attacks on its territory or energy infrastructure risk retaliation, including potential permission for U.S. forces to operate from Saudi bases, while emphasizing openness to mediation. No direct Saudi military strikes against Iranian targets have occurred; responses remain focused on Houthi positions in Yemen and defensive measures. Iran denies involvement in the Houthi campaign and has offered to facilitate talks, amid the wider U.S.-Israel conflict with Tehran. These proxy dynamics and explicit Saudi red lines shape trader assessments of any near-term bilateral escalation.