Their talks also addressed the Iran nuclear deal, a source of lingering tension in the US-Saudi relationship.
Since March, the US has been supporting a Saudi-led intervention against Yemen's Iran-aided Shiite rebels, who have chased the country's US-recognised president into exile.
But the Obama administration is concerned about the conflict's rising death toll that is now in the thousands, while aid groups lament their inability to provide life-saving support to all Yemenis in need.
The meeting, Obama noted, was taking place at a "challenging time in world affairs, particularly in the Middle East."
On Friday, 22 members of the United Arab Emirates' military were killed while fighting the rebels known as the Houthis, the official news agency WAM said. It was believed to be the country's highest number of military casualties since its founding in 1971. Pro-government Yemeni security officials said the troops were killed when a Houthi missile hit a weapons storage depot.