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In the short run, all oil exporting countries including Saudi Arabia are affected by the low oil prices. But Saudi Arabia benefits in the long run with estimated currency reserves of about $700 billion, allowing it to bear current low oil prices for a few more years. Low oil prices also give Saudi Arabia political power over other oil exporting countries that are its political rivals. For example, Saudi Arabia clashed with Russia and Iran over the Syrian conflict when the latter kept supporting Bashar al-Assad's regime against Saudi Arabia and its western coalition.
War in Yemen could threaten one of the world's most important oil chokepoints. Yemen isn't a world-shaking oil producer, churning out a mere 133,000 barrels a day in 2013. Prices may have been jolted by the strong possibility that Saudi Arabia, which produces 11.6 million barrels a day, is entering a risky military conflict.