Recent Houthi missile and drone strikes on Saudi airports, Aramco facilities, and other infrastructure—including deadly attacks on Riyadh’s King Khalid International Airport in mid-October—have heightened tensions amid the ongoing U.S.-Israel-Iran conflict. Iran-aligned Houthis have conducted repeated barrages, which Saudi forces have largely intercepted, while Riyadh has warned Tehran against direct strikes on the kingdom or its energy sector and signaled potential retaliation or expanded U.S. basing. Iranian officials deny directing the attacks, assert Houthi independence, and have offered mediation alongside calls for diplomatic de-escalation; the two foreign ministers have discussed regional developments, and Iran’s embassy in Riyadh has reopened. Trader assessments reflect uncertainty over whether Tehran will shift from proxy pressure to qualifying direct military action before key deadlines, amid active Saudi coalition operations in Yemen and broader diplomatic channels.