Escalating Houthi attacks on Saudi targets, including the October 10 missile strike on Riyadh airport that killed 12, have intensified the Saudi-led campaign against the Iran-backed group in Yemen. US officials have discussed potential Israeli strikes on Houthi infrastructure with IDF leadership, while reports indicate Israel conducted strikes on the Port of Hodeidah as recently as mid-October in response to drone and missile threats. These developments occur against the backdrop of Israel's October 27 parliamentary elections, where analysts note possible incentives for action against Iranian proxies. Traders assess the likelihood of further Israeli military involvement based on Houthi escalation patterns, Saudi defensive needs, and signals from Washington and Jerusalem regarding Red Sea security and proxy confrontations.