Saudi Civil Defense reported that debris fell in Mecca and Medina after Saudi air defenses intercepted two ballistic missiles launched by Yemen’s Houthi militia. The missiles’ stated destinations were Taif and Yanbu. The incident follows a period of relative calm since the UN-mediated truce in 2022 and indicates renewed military activity in the conflict between Saudi Arabia and the Houthis. Market pricing reflects reduced expectations for Houthi advances toward Aden, while the term structure points to a potential catalyst affecting Houthi movements in the coming months.
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