Saudi Air Defense Reports Explosions and Air Raid Alerts in Riyadh

Saudi Arabia's civil defense reported air raid alerts across Riyadh and Kharj province after residents heard new explosions echo across the capital, according to the Associated Press. The source of the blasts was not immediately clear, arriving as regional security concerns mount following recent attacks across the Arabian Peninsula. Energy markets were already on edge before the sirens sounded. The International Energy Agency warned that prolonged Middle East disruptions and war risks threaten the recovery in regional oil exports, according to FirstSquawk. The agency projected that restricted middle distillate supplies and diesel market strains will persist well into 2027, projecting 2026 global oil demand will fall by 2.6 million barrels per day alongside a 5.8 million barrel per day supply drop. The headlines land on an equity tape that is deeply split. WTI crude futures sit flat at $94.12 while Brent trades at $105.65. Yet the vulnerability is starkest in the tech complex. QQQ is pinned at 744.98, trading directly beneath its gamma flip at 749.76 in short gamma territory. With the call wall capped overhead at 750 and the put wall holding the floor at 742, dealers are positioned to amplify intraday volatility rather than cushion it. Every headline dip forces street inventory to sell into weakness, widening the daily swings. In contrast, the broader market remains insulated by long gamma. SPY is holding at 779.69, safely above its 776.59 flip, flanked by a 781 call wall and 774 put wall where dealer flows act as a shock absorber. But with QQQ skew elevated at 2.5 and an expected move of plus or minus 1.28%, tech remains the fragile leg of the desk. When geopolitical friction threatens energy supply lines, short dealer gamma ensures that tech absorbs the tremors first.