Saudi Arabia’s temporary May 2026 suspension of U.S. military access to Prince Sultan Air Base and its airspace during the unannounced “Project Freedom” operation over the Strait of Hormuz prompted brief market movement but was reversed within days after direct talks between President Trump and Crown Prince Mohammed bin Salman. Riyadh has signaled that any sustained restriction would require prior coordination and would reflect concerns over Iranian retaliation risks, Gulf security dynamics, and regional autonomy rather than a permanent policy shift. No official announcement of a lasting prohibition has occurred since the May reversal, and subsequent U.S.-Saudi engagement has centered on restoring operational access amid shared interests in managing escalation. Traders currently assign low probabilities to a formal ban by late June because diplomatic channels remain active and no new triggers have emerged in the intervening weeks.