Saudi Arabia has conducted military strikes against Houthi positions in Yemen following attacks on energy sites by the Iran-backed rebels. The strikes targeted key areas in Hodeidah, a significant port in northern Yemen controlled by the Houthis. This escalation comes amid a breakdown of an informal truce that had largely held since 2022. The Houthis have vowed to respond with escalation for escalation, raising concerns about further hostilities in the region. Market participants have reduced the likelihood of Houthi military action against Israel by end of July, now estimated at 6.5%.
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