Yemen Conflict Escalates as Saudi Arabia and Houthi Forces Trade Attacks

The conflict in Yemen has escalated as Saudi Arabia and Houthi forces trade attacks. On Saturday, Saudi Arabia's air defense system intercepted two ballistic missiles from Yemen that were targeting an oil refinery in Yanbu.

The refinery is located on the Red Sea coast and is operated by Aramco (2222.SE). Greek security sources confirmed the intercept, citing a US-made Patriot air defense battery operated by Greek military personnel.

This comes after the Houthi leader, Abdul Malik al-Houthi, warned last week that all Saudi oil facilities would become targets for the group's missiles and drones if Riyadh increased its involvement in the conflict.

The Houthi naval blockade threatens millions of barrels of oil transported daily through pipelines to the Red Sea to bypass Iran's near-total blockade of the Strait of Hormuz. The Saudi-led coalition has vowed to continue taking necessary measures to protect its vessels and interests, and would respond 'without compromise' if the Houthis continued hostile actions.