Saudi Campaign Stays Bilateral

Riyadh continues air, naval and special-forces operations around Yemen but avoids formally adding Turkey or Pakistan to the combat order of battle. This is the most likely path because Ankara and Islamabad have incentives to support Saudi Arabia politically while limiting direct exposure to Houthi missile and drone retaliation.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.