Saudi and Omani mediators arrived in Houthi-controlled Sanaa in early November 2026 to present a near-final draft peace agreement to Houthi leaders, building on the 2022 UN-brokered truce that collapsed amid renewed fighting. The proposals include a six-month truce extension, direct UN-backed talks between the Houthis and Yemen’s internationally recognized government, a two-year transition period, reopening of Houthi ports and airports, and compensation for public-sector workers in Houthi areas funded by oil revenues. These talks follow October escalation, including Houthi strikes on Saudi airports and infrastructure plus Saudi-backed counteroffensives that recaptured key Red Sea positions. Iran has facilitated indirect contacts, while Saudi statements emphasize that any deal requires territorial recovery by the Yemeni government before a formal ceasefire. Ongoing coalition strikes on Houthi missile sites and scheduled diplomatic follow-ups remain the primary near-term catalysts.