US strikes Iran's Qeshm Island; oil slides on peace hopes

· Security · United States · Iran

The US military carried out limited strikes on Iran's Qeshm Island late on Monday, reportedly targeting surface-to-air missiles being used against US assets, even as the Trump administration has played down war risks. President Trump confirmed the strikes, saying "we watched it get built — then we hit it." Vice President JD Vance said he was optimistic diplomatic efforts to end the war were moving in the right direction. Iran and the US remain far apart on a deal, with Qatar pushing mediation. Oil prices fell for a second day as traders weighed hopes for a diplomatic resolution; Brent, WTI and Murban crude all slid. NHK reported the Strait of Hormuz remains unstable with tankers reportedly hitting mines.

Why it matters：Fresh US strikes alongside peace diplomacy show the conflict remains volatile, and any disruption around the Strait of Hormuz would ripple through global energy prices and shipping.

Key points

  • US officials described the Qeshm Island attacks as limited and defensive.
  • Oil fell for a second day as traders bet on a diplomatic resolution to the war.
  • Iran and the US remain far apart on a deal; Qatar is pushing mediation.

Sources (original reporting)

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