Saudi Arabia has responded to Houthi advances along Yemen’s Red Sea coast and attacks on its southern border with a major air campaign, including roughly 100 coalition jets striking targets under Operation Dawn of Yemen. Riyadh continues to arm, train, and provide air cover for Yemeni government-aligned forces while seeking additional air-defense support from partners such as Turkey and Pakistan. No official Saudi statements or credible reporting confirm active-duty Saudi ground troops entering Yemen for combat operations. The market prices reflect this pattern: traders see limited near-term likelihood of direct Saudi troop deployment given Riyadh’s preference for proxy ground forces and standoff capabilities, while assigning modestly higher odds by year-end if cross-border strikes and Houthi retaliation persist. Resolution requires publicly acknowledged Saudi regular forces conducting combat inside Yemen.