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US-Iran war: Just on the eve of midterm elections, the United States has carried out defensive strikes on some Iranian targets in the critical Strait of Hormuz, the latest in the series of limited strikes during recent weeks even as President Donald Trump had played down the prospect of renewed war with Tehran and indicated the possibility of a diplomatic deal.
An AP report, citing an Iranian state television, said that explosions were heard on Qeshm Island. A US official reportedly said, “Iranians using surface to air missiles against US assets” had been targeted.
Trump attacks Iranian targets ahead of midterms
The strikes, which appeared to be limited as opposed to a full return to hostilities, came on the eve of crucial American midterm elections. Trump has previously said the US wouldn't launch strikes on Iran before the midterms, the AP report said.
Vance offered measured optimism prior to strikes
The Trump administration was last known to have carried out attacks in early September, but thousands of US troops remain in the waters off Iran to maintain a naval blockade aimed at preventing tankers hauling Iranian oil from getting to the global market. Plus, a third aircraft carrier and thousands of additional troops are on their way to the Middle East, the AP report added.
Before the strikes were confirmed, US Vice President JD Vance offered measured optimism that a deal could still be struck. Vance sent a letter to Iran’s security chief, Mohsen Rezaei, last week, but the White House has offered scant details. Trump told reporters that letter was focused on assisting Iran with “medical supplies and various things.”
“We’ve had a number of good conversations with the Iranians,” Vance told reporters Monday when asked about the letter. “I actually just spoke with the president of the United States about an hour ago about this. Look, the president and I both feel pretty good about the prospects for potentially coming to a negotiated settlement. We’re going to keep on working at it.”
Oil prices plunge $10 in biggest-ever drop
Trump has claimed that oil prices have fallen by USD 10 in a single day, describing the decline as the biggest in history. He also said that Iran wants to reach a settlement as soon as possible as US pressure on the country continues.
In a post on Truth Social, Trump said, "Oil prices are dropping like a rock, Iran wants a settlement as soon as possible."
In another statement, the US President said, "Oil today is down USD 10, which is the biggest drop in oil in history..."
Brent crude oil was trading at around USD 105 per barrel, keeping global energy markets in focus amid the ongoing conflict involving Iran. Oil prices have remained sensitive to developments in the region due to concerns about potential disruptions to global energy supplies.
The dollar wavered alongside oil prices on Tuesday on hopes for a diplomatic breakthrough between the US and Iran, while the Aussie was steady ahead of the Reserve Bank of Australia's rate decision.
Brent crude futures plunged more than 7 per cent on Monday in their sharpest single-day drop in months, after Tehran said its contacts with the US aimed at ending their eight-month war were continuing.
The yield on the benchmark US 10-year Treasury note was steady at 4.9145 per cent, while that on the 30-year bond was also flat at 5.2868 per cent. Both had dipped to their lowest levels in nearly two months in the previous session.
The dollar index , which measures the currency against a basket of currencies including the yen and the euro, last traded a shade weaker at 101.76 after dropping to a one-month low on Monday.
(With inputs from Reuters)
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