Oil prices rebound on Saudi attack fears

Egyptian President Abdel Fattah al-Sisi stated on Wednesday that Egypt's proposed military support for Saudi Arabia aims to defend Saudi territory and borders, not to launch an attack on Yemen. During a government event titled Egypt Forum 2026, Sisi emphasized the importance of maintaining stability in neighboring countries to prevent further instability.

He also reiterated his request to parliament for authorization to support Saudi Arabia in its war against the Houthis, if requested. The parliament, largely composed of Sisi's supporters, has since held two closed-door sessions before postponing the discussions until next week. Following Sisi's speech, a high-level Egyptian delegation visited Riyadh.

Egypt's top diplomat and spy chief delivered a letter from Sisi to Saudi Arabia's de facto ruler, Mohammed bin Salman. The Houthi attacks on Saudi Arabia have intensified recently, leading to the closure of the kingdom's main airport and the postponement of a major investment conference. A Houthi maritime blockade is also threatening oil exports from Saudi Arabia.

In response, Saudi Arabia has sought support from its allies, including France and the United Kingdom. Egypt's involvement in the conflict remains a contentious issue, with some in the parliament demanding clear objectives and an assessment of potential risks before committing troops. Egypt's cautious approach to foreign policy has been influenced by its recent past, including a disastrous deployment in Yemen in the 1960s.