[MARKET UPDATE] Relatively muted reopen to futures trading with US equity futures eking slight gains (Emini S&P +0.1%, Emini Nasdaq 100 (+0.2%), while oil is mildly higher (WTI +0.4%) following a deadly Houthi attack on the airport in the Saudi capital

Strikes on Saudi civilian infrastructure sit in a well-worn category: episodes of Houthi attacks on the Kingdom have historically produced a brief risk premium in crude that fades unless they touch actual supply infrastructure rather than symbolic targets. The distinction that has mattered in past episodes of this kind is between attacks on airports and cities, which tend to add a dollar or two of headline premium, and attacks on processing facilities, pipelines, or export terminals, which reprice the physical balance. The muted equity and crude reaction is consistent with that pattern, with WTI's modest gain reflecting headline risk rather than any assessed disruption to barrels. The transmission channel to watch is freight and insurance rates in the Gulf and any Saudi or coalition response, since escalation cycles in this theatre have previously built through retaliation rounds rather than single strikes. The follow-ons are official Saudi damage assessments, any Houthi claims of further operations, and whether the attack alters the ongoing diplomatic track between Riyadh and the group, which has previously been the variable that determines whether such premiums persist or unwind.