Hormuz Transits Fall to Single Digits as Oil Tops $100 and Houthis Seize Mocha

Shipping traffic through the Strait of Hormuz has fallen sharply, with vessel transits dropping to seven on Thursday from 11 the previous day, according to preliminary tracking data. The figure is well below the 10-day average of 15, underscoring how deeply the widening conflict is disrupting one of the world's most critical maritime corridors.

Oil markets responded with force. Brent crude traded near $108 a barrel after climbing more than six per cent in the previous session, putting futures on course for their largest weekly gain since July. West Texas Intermediate hovered around $103. Both benchmarks are set to close the week above $100 for the first time since mid-May, as repeated attacks along key shipping routes feed fears of a prolonged supply disruption.

The ripple effects reached Indian equities, where shares opened lower on Friday in a broad-based sell-off. Investors fled risk assets as crude's surge darkened the outlook for import-dependent economies.

Houthis capture Mocha

In Yemen, Iran-backed Houthi rebels took control of the port city of Mocha on Thursday and pushed toward strategic islands along the Red Sea coast, reaching the Hanish islands. The advance gives the group greater leverage over the Bab el-Mandeb Strait, the southern gateway to the Red Sea and a chokepoint for global trade. The move came hours after US President Donald Trump said he expected the Iran war to conclude after the November midterm elections.

Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, who has served as a top negotiator with Washington, voiced support for the Houthis on Friday. In a post on X, he said the "brave Yemeni people will certainly triumph," invoking an earlier statement by the slain supreme leader Ayatollah Ali Khamenei expressing hope that Yemen's "jihad and resistance" would continue until victory.

Trump stands by war

Trump said on Thursday that he does not regret the ongoing conflict, even as it weighs on his party's prospects in the midterms. Asked in a Fox News interview whether he regretted the war given its electoral impact, he replied, "I don't believe in the word 'regret.' You can always question yourself a little bit." He added that he would do "exactly as I did" if given another chance. His remarks came as Washington renewed strikes against Tehran, with Iran retaliating against US bases across the region.

Diplomacy and maritime friction

Regional and international actors moved on multiple fronts. Gulf foreign ministers plan to meet Iran's counterpart in a push led by Oman and Iran to secure backing for a temporary arrangement governing shipping through the Strait of Hormuz. South Korea's foreign minister, Cho Hyun, held a phone call with his Iranian counterpart, Abbas Araqchi, to discuss the Middle East situation, including freedom of navigation through the strait. Araqchi also met Pakistan's army chief to explore ways of reviving diplomatic efforts to de-escalate the conflict.

In the strait itself, Iran's Islamic Revolutionary Guard Corps said its navy struck a US "Saildrone-type" unmanned vessel, claiming it thwarted an "aggressive mission." The United States has in recent weeks loosened Iran's grip on the waterway while effectively shutting down Iranian oil exports, deepening Tehran's economic isolation.

Separately, Israel's military said it began training exercises in the occupied West Bank ahead of the upcoming Jewish holiday period. In Washington, Vice President JD Vance urged voters to remain with the Republican Party even where they disagree with the administration, an appeal aimed at easing friction over the war.