Saudi Arabia has accused the Houthi movement of targeting Mecca, a holy site in Islam, and declared this alleged attack a « red line » in the regional conflict. This accusation comes amid heightened tensions in the Middle East, particularly around the Strait of Hormuz, a strategic shipping route for oil. Market confidence in the Strait of Hormuz traffic returning to normal by year-end has decreased, with the probability of a YES outcome now priced at 17.5%. The situation suggests the possibility of increased military activity that could disrupt international shipping routes and global oil supply chains.
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