Houthi missile hit near Riyadh airport. Gulf markets already dropping. This is a different situation now.

First strike on Saudi Arabia's capital since the conflict reignited, landing near the main airport. Gulf equity markets sold off immediately once the attack was confirmed.

The thing analysts are flagging is the Saudi response. "Very sizeable" is the phrase being used, and if Riyadh escalates militarily, the regional risk calculus changes fast. This stops being a Yemen story.

𝐎𝐢𝐥 𝐬𝐮𝐩𝐩𝐥𝐲 𝐝𝐢𝐬𝐫𝐮𝐩𝐭𝐢𝐨𝐧 risk from the world's largest exporter is still being underpriced.