Iran, Qatar resume maritime trade after 5-month hiatus

US Secretary of War Pete Hegseth posted social media images showing damage to a maritime control tower at Iran’s Chabahar port following reported US military strikes, accompanied by the caption “Iran does not control the Strait of Hormuz.” India’s Ministry of External Affairs stated that the Shahid Beheshti terminal operated by India at the port sustained no damage.

The ministry reiterated its position that civilian infrastructure should not be targeted during conflicts.

The U.S. Central Command reported conducting strikes on Iranian military command centers, missile and drone sites, and air defense systems on Monday evening. Iran attacked a tanker in the Strait of Hormuz early Tuesday, and Houthi forces declared a maritime embargo against Saudi Arabia.

Reports indicate that mediators have proposed a 10-day ceasefire, while Rystad Energy noted risks of higher oil prices.

A tanker identified as the Kaifan was struck by an unknown projectile northeast of Oman’s Limah in the Strait of Hormuz, according to a July 21 report from UK Maritime Trade Operations. No ships were observed transiting the strait that day. Attribution of the strike and links to prior incidents have not been confirmed by the vessel’s owner.

Goldman Sachs has projected Brent crude averaging $80 per barrel in the fourth quarter and $75 in the following year, conditional on reduced Middle East tensions, while noting upside risks from potential shipping disruptions in the Strait of Hormuz or Red Sea.

Brent prices rose above $91 per barrel amid recent U.S.-Iran exchanges and Houthi threats to Saudi shipments before edging lower on Tuesday. A senior Iranian official told Reuters that mediators had proposed a 10-day ceasefire to preserve an interim agreement.