Iran's Revolutionary Guard fired a cruise missile toward the Strait of Hormuz at a likely US-linked oil tanker, while the UK Maritime Trade Operations reported a separate incident off Khasab, Oman. Tehran says it has not agreed to reopen the strait even as Oman-brokered mediation reportedly nears its final stage, and Brent crude climbed 24% in July on the standoff.
Iran's Islamic Revolutionary Guard Corps launched an anti-ship cruise missile toward the Strait of Hormuz, with the likely target a US-dispatched oil tanker moving along the US-backed southern route. The UK Maritime Trade Operations separately logged an incident 20 nautical miles northeast of Khasab, Oman, near the strait's entrance, an area that has drawn repeated security warnings in recent months.
Iran rejects reopening despite mediation push
Iran has not agreed to any deal to reopen the strait, and its policy on the corridor remains unchanged, Iran's Fars news agency said, even as ships continued to queue north of the passage. Iranian Foreign Ministry spokesperson Esmail Baghaei said talks with Oman over managing the strait are a separate matter from its closure, adding: "The strait's closure is linked to America's violation of its commitments."
Mediators are meanwhile working to revive the June memorandum of understanding between Iran and the United States, Iranian parliament national security spokesman Hassan Ghashghavi said, according to a report by Al Jazeera citing Iranian outlet SNN. Foreign Minister Abbas Araghchi said negotiations with Oman on the strait have reached their final stages.
Trump says attack was called off
President Donald Trump said on Saturday that he had cancelled a planned US attack on Iran after Tehran and other Middle Eastern countries asked Washington to hold off, citing agreement on the framework of a potential deal. Writing on Truth Social, he said the proposed agreement would include the strait's complete reopening and an end to Iran's nuclear threat, though he warned the US remained prepared to act if negotiations failed.
US officials had been weighing fresh strikes on Iranian energy infrastructure, including refineries and power plants, that could have begun over the weekend before Trump's announcement. Foreign Minister Araghchi separately warned, during calls with Turkish, Pakistani and Saudi officials, that any new US attack would draw a decisive response.
Oil markets price in disruption
Brent crude futures climbed 24% in July amid disruptions from the conflict, which began with US and Israeli strikes on Iran on February 28. Most commercial shipping has avoided the Strait of Hormuz, a major route for global crude oil and liquefied natural gas exports.
Sources: Investinglive (snippet-based), Investing.com, Crypto Briefing
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