Recent Houthi missile, drone, and cruise missile strikes on Saudi targets including Riyadh airport and oil infrastructure have intensified following the collapse of the Yemen ceasefire, with the Saudi-led coalition intercepting multiple projectiles in early November 2026 while conducting airstrikes on Sanaa. Small-scale Houthi cross-border raids into southwestern Saudi military posts occurred as recently as late October, marking the first such ground activity in years amid broader Yemeni government offensives near the border and Bab al-Mandab. These developments, alongside Houthi consolidation of Red Sea coastal areas and Saudi air defense responses, shape trader assessments of whether ground incursions will expand significantly within any resolution timeframe. Ongoing clashes in Taiz and western Yemen, plus potential for further escalation or de-escalation through regional diplomacy, remain key variables.