Saudi-Aramco Attacks Near Yemen Border: Saudi Aramco’s Jizan industrial complex (about 400,000 bpd refinery capacity) was reportedly hit again by missiles and drones, with damage still being assessed and no claim confirmed—raising fresh fears for Red Sea and Bab al-Mandab energy flows. Yemen-Houthi Frontline Escalation: Yemen’s government forces launched air strikes and ground moves across Taiz, Hodeidah, Marib and Al-Jawf, while Houthis claimed drone shoot-downs and maintained a naval blockade posture affecting shipping. Bab al-Mandab Shipping Stakes: Analysts say the Houthis are pushing to tighten control around the Bab al-Mandab Strait, aiming to pressure regional and international shipping and increase leverage in the wider Iran-U.S. standoff. Fuel Shortage Risk for Global Trade: With Hormuz and Red Sea disruptions worsening, reports warn of tighter marine fuel oil supplies, which could lift freight costs and hit manufacturers and consumers. Food Security Pressure in Yemen: FEWS NET warns Yemen’s food insecurity will worsen into early 2027 as port and trade disruptions (including Mocha and Bab al-Mandab) drive up prices and strain already weak household purchasing power. Power Link Deal: Oman and Yemen signed electricity interconnection agreements to supply parts of Al Mahra via Dhofar’s grid, starting with phased loads for Hawf, Shahn and Al Ghaydah. Regional Security Spillover: NRF says Somali Al Shabab fighters were found among Houthi casualties, pointing to deeper cross-region coordination and training/smuggling links.