Combine the water and the currants to a blender and blend until smooth.
Place a pot over medium heat and add the oil.
Add the sliced onion and stir often until it begins to caramelize a little. Around 12-15 minutes
Add the garlic and thyme sprigs and cook for another 3 minutes.
Add the port wine and reduce over by half.
Add the currant water mixture, vinegar, sugar and pepper. Cook for 20-30 minutes at a very low simmer. Be sure to stir and ensure that it doesn't stick to the pot and burn.
Add the pectin, stir and cook for another 10 minutes.
Let it cool until its just warm and put everything back into the blender and puree until smooth. You can strain through fine mesh for a smooth texture.