
I shared this risk outlook with @BashaReport Risk Advisory clients on 03 July 2025. Feel free to bookmark it Next week could be one of the most sensitive periods in Yemen in recent months. The dispute over the return of the Houthi delegation from Tehran has become much bigger than a transportation issue. It is now a test of political leverage, deterrence, and regional red lines. Here are the main scenarios we are watching. Scenario 1 | Iranian flight lands in Sana'a The Houthis return directly from Tehran aboard an Iranian aircraft, rejecting mediation proposals and bypassing the Saudi-led coalition and the internationally recognized Yemeni government's offer to transport them on a Yemenia or other agreed charter flight. This would hand both the Houthis and Iran an important symbolic and political victory. Scenario 2 | Negotiated solution Regional and international mediation succeeds. The delegation returns on a UN-operated aircraft, an agreed charter flight, or another mutually acceptable arrangement. This remains the least escalatory outcome and would preserve the current de-escalation framework. Scenario 3 | Saudi military response The Saudi-led coalition decides to prevent an Iranian aircraft from landing in Sana'a. This could range from an aerial interception to, in the most extreme case, strikes on Sana'a International Airport or its runway. I assess this as a low-probability scenario because it would almost certainly end the current truce. Any strike on Sana'a Airport would likely trigger Houthi retaliation against Saudi airports, energy infrastructure, and other strategic targets using drones and missiles. Wildcard | Israeli intervention A lower probability but higher impact scenario would involve Israel acting against the Iranian flight or related infrastructure. Such a development would significantly increase the risk of regional escalation and could prompt the Houthis to resume attacks on Israel and shipping linked to Israel in the Red Sea. The next few days will likely determine whether this dispute is resolved through diplomacy or becomes the trigger for a broader regional confrontation. Picture: Central Security Force checkpoint at Sana'a International Airport




























