Red Sea & Hormuz Security: Houthis claimed attacks on Riyadh and Saudi oil-linked sites, while Saudi issued “hostile aerial threat” alerts and said it intercepted a ballistic missile targeting the capital; smoke was reported near Riyadh airport and flights were briefly disrupted. Shipping & Supply: U.S. CENTCOM said U.S. forces facilitated the safe passage of 1 billion barrels of crude through the Strait of Hormuz over two months, with lanes demined and traffic volumes at the highest level in six months—though Iran rejects the U.S. narrative and says the initiative remains with Tehran. Iran Sanctions Impact: Iran’s crude exports reportedly collapsed by over 80% amid a renewed U.S. naval blockade, with loadings averaging about 220,000–260,000 bpd in August versus 1.7–2.0 million bpd a year earlier. Diplomacy & War Terms: Iran says it sent conditions for ending the war via Qatar and awaits a Trump response; Turkey’s FM backed Saudi under the Mecca defense pact and said Ankara is ready to meet Riyadh’s “technical” military needs. Market Ripple Effects: India warned new U.S. tariffs tied to Russian oil could strain ties and complicate energy security, as global prices stay elevated on Middle East risk.