The Mecca defense pact fails to activate against the Houthis due to unenforceable defense obligations and political divisions among signatories. The Houthi-Saudi conflict in Yemen has intensified, with cross-border attacks using missiles and drones targeting Saudi energy infrastructure. This deadlock is affecting U.S.-Iran negotiations over the Strait of Hormuz, with the probability of reaching an agreement before September 15 dropping to 0.2%, down from 2% just 24 hours earlier, according to market pricing. Observers should monitor any developments in regional alliances or potential military actions against the Houthis.
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