Saudi Arabia’s military posture in Yemen continues to emphasize air support, logistics, and command assistance to Yemeni government forces rather than direct ground deployments. Since the October 2026 escalation and launch of the government’s “Dawn of Yemen” offensive, coalition airstrikes have targeted Houthi positions around Taiz while Yemeni troops conduct ground operations to break the siege of the city and reopen supply routes. Houthi forces maintain encirclement of Taiz, restricting aid and triggering civilian hardship, yet reports confirm Saudi officers directing operations from outside the governorate without regular Saudi combat units crossing into it. Recent missile and drone exchanges between the sides have not altered this pattern. The market’s low implied probability for Saudi troop entry by year-end reflects traders’ assessment of Riyadh’s long-standing preference for proxy-led fighting and aversion to large-scale ground commitments inside Yemen.