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You wrote "The Saudis tried once but quit after one missile strike on an oil refinery."

In reality, Saudi-Arabia with the support of VAE, Egypt, Bahrain, Sudan etc. are fighting since 2015 a war against the Huthi, in which close to 400.000 people so far were killed. Saudi-Arabia was not successful.

Saudi-Arabia is not the only country, which was not able to win against a power, which was on paper dramatically weaker. E.g. the US lost several such wars, e.g. Vietnam (1964-1975) and Afghanistan (2001-2021), in some sense also the Iraq War (2003-2011).

There are military solutions to defend merchant shipping (currently not successful because of not enough resources are available), but military solutions often fail to end such wars. Therefore such wars end often because of internal opposition against the war forcing the government to end it without achieving its goals.