The Houthis have launched ballistic missile and drone attacks on military sites in Al-Makha, on Yemen’s Red Sea coast. This offensive marks an escalation in the ongoing conflict between the Houthis and the internationally recognized Yemeni government, backed by a Saudi-led coalition. Market participants now estimate a 6.5% probability of Houthi military action against Israel by August 31, 2026. This surge in hostilities raises concerns about a broader regional escalation, potentially impacting neighboring countries.
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