Iran-aligned Houthi forces have seized the port of Mocha and an island at the mouth of the Red Sea, a bad turn for shipping, Saudi Arabia, and US credibility in the region.

• Houthi fighters swept down the Red Sea coast, captured Saudi-backed positions and American-supplied vehicles, and took Perim Island in the narrow Bab al-Mandab Strait.
• Saudi air cover that was supposed to stop the advance never arrived, and officials on both sides are now blaming each other for the collapse.
• With that island, Iran and its allies now sit on both major Middle East chokepoints — enough to mine or shell tankers with cheap weapons instead of long-range missiles.
• Houthi commanders say the strait stays open to everyone except Saudi ships, while Trump claims they called him and want no fight with the US.
• Escort costs are biting: the US is now flying air cover over Hormuz only in limited time slots, at roughly $50,000 an hour per plane.

Outlook: Oil and shipping prices are the thing to watch Monday, and more countries are quietly drifting toward BRICS and away from Washington.