Retaliation Broadens War

If Syria visibly joins the campaign, the Houthis and Iran-aligned networks could try to impose costs on Damascus, Riyadh, or Red Sea shipping. This is less likely than a symbolic or limited Syrian role, but it carries the largest short-term market impact because it could link the Yemen front to Syria, Gulf energy, and maritime trade.

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