Saudi Arabia reported on Wednesday that its air defense forces successfully intercepted and destroyed a drone launched by Houthi militants before it could enter the airspace of Mecca. However, the Iran-backed Houthi group dismissed the claim as a "hackneyed lie," marking the first time the conflict has extended its reach to the holy city.

In response, the Organisation of Islamic Cooperation condemned the act as an "atrocious offense," criticizing the Houthi attacks on the Mecca and Medina regions while also accusing the group of continued aggression against Saudi Arabia. Oil prices saw a slight dip on Wednesday, yet Brent crude and US West Texas Intermediate futures remained near four-month highs, trading around $107.8 and $104.6 per barrel, respectively.

According to Rory Johnston, founder of commodity research firm Commodity Context and a petroleum market analyst, the seven-day average of oil shipments through the Strait of Hormuz climbed to nearly 12 million barrels per day as of Sunday, "undoubtedly the highest level since the recovery seen in June-July following the memorandum of understanding." He noted that "very little of this is Iranian crude," adding that the current flow still represents less than 60% of pre-war levels.

This indicates that there remains substantial room for recovery in strait shipping, while the Yemen conflict and pipeline disruptions have introduced additional risks to an already strained crude supply landscape.