Houthis
Yemen's Houthi rebels took the port city of Mokha on Thursday. Getty Images

Iran-backed Houthi rebels took the port city of Mokha from the internationally recognized government on Thursday, potentially threatening traffic through the Red Sea.

The city is some 50 miles from the Bab el-Mandeb Strait, a key waterway through which more than 12% of global oil transits, and to which several Gulf countries have resorted as the Strait of Hormuz remains largely closed as a result of the war between the U.S. and Iran.

The Associated Press noted that the win is the largest for the Houthis since a 2022 truce that ended the civil war in the country.

Reuters also reported that Pakistan conveyed a warning from Saudi Arabia to Iran, with Riyadh calling on Tehran to rein in on the group to prevent the crisis from escalating further.

Saudi Arabia backs the government has been launching strikes against the Houthis, which in turn have recently imposed an embargo on oil from the country transiting through the Red Sea. The Houthis have also struck energy infrastructure across the country.

The news pushed oil prices higher, with Brent crude, the international benchmark, topping $107 a barrel at 3:58 p.m. ET after climbing close to 6%.

Earlier this week the Houthis launched a large-scale attack against Saudi Arabia, targeting four cities and oil facilities south of Riyahd. Saudi authorities confirmed the attack, saying over 70 people, including women and children, had been wounded. Its forces then retaliated with air strikes east of Yemen's capital, Sanaa, which is controlled by the Houthis.

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Energy prices also rose following a report detailed that President Donald Trump and advisors reportedly discussed the war dragging on past the end of his term.

The Wall Street Journal noted that Vice President JD Vance, Secretary of State Marco Rubio and other top officials talked about the possibility that Tehran could continue resisting the blockade imposed by the administration.

The conversation stands at odds with remarks from Trump on Wednesday, when he claimed that he believed "war's going to end immediately after the election because they can't hold out any longer." "Right after the election, oil prices are going to be tumbling downward," he added.