Saudi Arabia's provision of extensive airstrikes and operational support to Yemeni government forces under Operation Yemen Dawn has intensified pressure on Houthi-held areas, including strikes on Sanaa, yet direct entry by regular Saudi armed forces remains unlikely in the near term. The offensive, launched in early October 2026, focuses on recapturing territory around the Bab al-Mandeb Strait through Yemeni ground advances backed by coalition air power, with Houthi counterattacks targeting Saudi infrastructure. Trader consensus reflects structural barriers such as Sanaa's distance from current fronts, historical Saudi preference for proxy support over direct ground commitments, and Houthi defensive capabilities, keeping implied probabilities low for resolution by late 2026. Scheduled coalition coordination and any major Houthi escalations could influence near-term positioning.