Recent Houthi ballistic missile and drone strikes on Saudi airports in Abha and Riyadh on October 6-7, 2026, killed three civilians and disrupted flights, prompting Saudi air defenses to intercept incoming projectiles and launch retaliatory strikes on Houthi positions in Yemen. These attacks followed a Saudi-backed Yemeni government counteroffensive that began around October 5 to reclaim Red Sea coastal territory, including areas near the Bab al-Mandeb Strait, seized by Houthis in prior weeks. Trader assessments of near-term Houthi military action against Saudi targets reflect this cycle of cross-border strikes, Iranian support for the Houthis, Saudi efforts to protect southern border regions and energy infrastructure, and the absence of immediate de-escalation mechanisms amid broader regional tensions. Scheduled military operations in Yemen and potential further Houthi retaliation could influence probabilities in the coming days.