Yemeni army is nothing in front of Indian Naval force. But attacking Yemeni territory is a bit excessive as it will ruin Indian relations with Arab world. Also, Yemen has not accepted the claims that it attacked Indian ships. However, if India does enter into conflict, Yemeni defence will crumble in no time.
However, the real question is why would Yemen attack ships from KSA & Russia to India? Russia & KSA are extremely critical partners for Yemen and making them angry would be seriously bad. Even Iran is closely allied with Russia and attacking ships carrying Russian oil is far fetched. There is a chance that these were mistakes. So, India will likely issue warning in private and attack only if it continues.
Suez is short but also slower than normal seas and narrow for ULCC & VLCC. Also, transit charges for Suez is high. So, the overall disadvantage of travelling via Good Hope is not too high. Yes, there is about 5% inefficiency but that is not a major drawback.
Indian ships will be hit with what? The ASh missiles with Iran is not good quality as they don't have semiconductor foundry to make high quality seekers & guidance. However, the situation is more political and complex, not just military.
India never mediated via Iran with Pakistan. Pakistan has since long been USA & GCC ally and hostile to Iran. Also, Indian trade with GCC, especially KSA & UAE were always much higher. Iran is now developing relations with KSA with Chinese help. So, attacking a tanker from KSA is really foolish. Even the attack on Sai Baba carrying Russian oil is poor thinking as Russia has always been the key partner to Iran in helping it survive USA aggression. If it was just India being targeted by targeting ships from EU to India via Suez, then it was understandable. But targeting Saudi & Russian shipping is height of foolishness.
Most likely it was a mistake, miscalculation/misidentification.
Yeah, it appears to have been some mistake. Proper scolding from Iran, Russia & Saudi will likely make them stop such attacks.