[MARKET UPDATE] Muted reopen for most futures markets ahead of this week's UN General Assembly and Trump-Xi summit, while oil prices are underpinned (WTI +0.7%) after Houthis targeted a Saudi oil facility in Yanbu and with air raid alerts issued in Riyadh

Past episodes involving strikes on processing and export facilities showed the premium decays within sessions when output continues, and persists only when throughput or shipping is demonstrably curtailed. The mechanism here is supply risk to Saudi spare capacity, the market's principal buffer, which is why even unsuccessful targeting of facilities in that system draws a bid; alerts in the capital add a second-order escalation read rather than a direct supply one. The distinction worth drawing is between damage to infrastructure, which re-prices prompt spreads and freight and insurance on Gulf loadings, and a headline-only event, which historically fades as confirmation of normal operations arrives. Official confirmation of facility status, Saudi and coalition response, and any repetition of targeting are the tells; the week's summit calendar is the parallel channel through which a geopolitical premium can be either validated or unwound.