Houthis Seize Mocha, Send Oil Prices Soaring Above $100

The Iran-backed Houthi rebels in Yemen have taken control of the strategic Red Sea port city of Mocha, raising concerns about disruptions to shipping through the Bab el-Mandeb Strait. The Houthis are close to securing control of the strait after capturing a series of positions, including the Hanish Islands and Zuqar Island.

The capture of Mocha has pushed up October futures for West Texas Intermediate (WTI) crude oil above $100 a barrel as traders worry about potential disruptions to sea transport. The Bab el-Mandeb Strait is a vital maritime route, allowing ships to pass between the Red Sea and the Gulf of Aden.

The Houthis' advances have been swift, with the group taking Mocha and attacking the Hanish Islands, which are a strategic position in the Red Sea. Yemeni government troops backed by Saudi Arabia and allied forces are redeploying to the Dhubab area near the strait.