Israeli airspace remains open but subject to short-notice restrictions from missile and drone threats tied to Iran and aligned groups such as Hezbollah and the Houthis. The most recent catalyst within the past month was an October 21 Israeli Air Force exercise involving dozens of jets approaching the Iranian border along a potential strike route, which U.S. officials viewed as a deterrence signal ahead of elections yet carried escalation risks. EASA extended conflict-zone warnings for the Tel Aviv FIR through November 16 due to air-defense misidentification concerns, while several carriers have prolonged flight suspensions into late November. These factors sustain trader focus on near-term geopolitical triggers that could prompt temporary closures, distinct from holiday periods.