Trey weighs in with his own take on the potential for escalation.
This is the point in the process that one of the sides needs to take a step back from the brink, or failing that (and it will likely fail) an outside power needs to step in and bring both sides back. But that doesn't look too likely either. Saudi Arabia has an interest in the conflict and in preventing other regional powers (Qatar) from becoming too heavily involved. The US also has a pretty poor record of mediation and observation of the nearly five year conflict.
If both of these fail, then, I think we are looking at the beginnings of a process that will likely end in another round of fighting. The last round, which ended July 17, was particularly destructive and I have little hopes that any future fighting will do little to minimal damage.
There is, in my opinion, still time to avoid another round of fighting but it will take a level of foresight and institutional intelligence that none of the actors have exhibited to date.