Saudi Arabia and Houthi representatives, with Omani mediation, have advanced talks in Sanaa on a draft peace framework that includes a potential six-month truce extension, direct UN-backed discussions with Yemen’s government, and measures addressing ports, airports, and public sector payments. These efforts follow a sharp escalation in hostilities since July, with Houthi territorial gains along the Red Sea coast, cross-border drone and missile exchanges, and Saudi airstrikes. U.S. Secretary of State Marco Rubio met Saudi Foreign Minister Prince Faisal bin Farhan on September 29 to coordinate on Yemen security and maritime routes, while prisoner releases continue as confidence-building steps. Traders are monitoring whether these negotiations produce a formal ceasefire announcement amid ongoing military pressure and regional diplomacy.