Recent Houthi missile and drone strikes on Saudi cities, airports, and energy sites, including multiple attacks on Riyadh’s King Khalid International Airport in early October 2026, have heightened tensions without any reported ground incursions across the border. The group’s territorial gains along Yemen’s Red Sea coast and control near the Bab el-Mandeb Strait have enabled intensified cross-border fire, but Saudi air defenses, coalition airstrikes in Yemen, and support from partners like Turkey and Pakistan have contained the threat to projectile attacks rather than ground advances. Yemeni government forces, backed by Riyadh, launched a counteroffensive in October aimed at reversing Houthi positions, while diplomatic channels remain stalled. Trader odds reflect these barriers, with ground entry requiring a major shift in military dynamics amid ongoing escalation risks.