Houthi Rebels Target Saudi Capital with Ballistic Missile

Saudi Arabia has confirmed that Yemen's Houthi rebels attempted to attack its capital, Riyadh, with a ballistic missile on Saturday. The attack was intercepted by the Saudi-led coalition fighting the Houthis.

The incident marks the first time since the escalation in fighting with the Tehran-backed rebels that Riyadh has been targeted. According to the coalition, the Houthi rebels also tried to attack civilian infrastructure in the Red Sea port city of Yanbu and in Taif, Baysh, and Farasan, but were thwarted.

The growing conflict near another important global shipping corridor has brought new pressures for markets. The Houthis earlier claimed that they had targeted 'sensitive sites' in Riyadh and facilities of Saudi oil giant Aramco in Yanbu, causing 'massive fires.'