Geopolitical instability in the Middle East is driving market volatility and regional strategic realignments, as Houthi rebels launched missile and drone attacks on Saudi-backed forces in Mokha and an Aramco facility in Jazan, further exacerbating energy supply risks tied to ongoing closures in the Strait of Hormuz. This renewed aggression coincides with the signing of the Mecca Joint Defense Agreement between Saudi Arabia, Turkey, and Pakistan—a significant move toward collective regional security that reflects a burgeoning strategy to hedge against over-reliance on US security guarantees following the February 28 US-Israeli confrontation with Iran. While oil prices reflect this persistent uncertainty, the broader corporate landscape presents mixed signals: United Airlines is aggressively expanding its premium-heavy Boeing 787-9 route network in a bet on long-haul margins, while domestic financial headwinds persist elsewhere, notably with Westpac shares sliding 5% following a sharp decline in mortgage applications. Additionally, as markets track these developments, the energy sector faces compounding pressures, with Donald Trump publicly targeting Exxon Mobil and Chevron over corporate windfall earnings.