US Conducts Strikes on Iranian Targets in Strait of Hormuz

The United States conducted defensive military strikes against Iranian targets on Qeshm Island in the Strait of Hormuz after Iranian forces aimed surface-to-air missiles at American military assets. The strikes followed reports of up to six explosions across Hormozgan province, including near Bandar Abbas, after Iran's IRGC claimed it downed an advanced US drone. While the escalation near the critical crude export corridor raised geopolitical risks, crude oil prices faced downward pressure Monday as traders weighed the strikes against reports of Qatari-mediated backchannel talks seeking an end to maritime attacks and the US naval blockade.