Saudi-led coalition says it intercepted two Houthi missiles fired at Riyadh

The interception itself is militarily routine, but the targeting of Riyadh rather than border areas signals the Houthis' continued reach and intent, which matters for Gulf risk sentiment. For markets, the relevant exposure is regional — Gulf equities, sovereign risk pricing and energy logistics — rather than a direct crypto or RWA read-through. The absence of casualties or damage keeps the immediate impact contained, but the key question is whether this represents a sustained escalation in launch tempo or an isolated event.