Ongoing Iranian missile and drone strikes on Gulf Arab infrastructure, including Saudi energy facilities, Qatar’s Ras Laffan complex, and sites in the UAE, Kuwait, and Bahrain, remain the dominant driver of trader assessments. These actions, part of the active conflict that began in February 2026, continued through mid-October with attacks on airports, pipelines, and ports that Saudi and coalition forces intercepted or reported. Recent escalations include Houthi-launched projectiles toward Riyadh and Iranian threats of wider retaliation against neighboring states if U.S. strikes resume after the November midterms. Egypt’s pledge of support for Saudi security and Iran’s appointment of a new defense minister have reinforced regional positioning without de-escalating tensions. Upcoming diplomatic meetings involving Lebanon, Israel, and the U.S. on October 20 could influence the pace of further Iranian actions before the October 31 resolution window.