**Recent Houthi missile and drone strikes on Riyadh’s King Khalid International Airport on October 10–11 killed at least 13 people and injured hundreds, prompting Saudi authorities to extend the airport’s closure through October 17 for safety inspections.** These Iran-aligned attacks, part of intensified Yemen conflict, have triggered widespread flight cancellations across Saudi airports, airline suspensions by carriers including Lufthansa and Air France-KLM, and expanded aviation warnings from the FAA and EASA citing missile risks and GNSS interference across Saudi airspace. Traders assign low implied probabilities to full closure of the Jeddah Flight Information Region by late October or December because localized airport disruptions and targeted advisories have not yet produced a nationwide commercial flight ban, despite Houthi warnings declaring Saudi airports a “theater of operations.” Diplomatic contacts between Iran and Saudi Arabia, potential further strikes, and the outcome of current safety assessments remain key variables that could shift market pricing.