Iran's rial sinks to another record low amid fears of escalation

Qatar said on Monday that an Iranian drone attack on an Emirati tanker belonging to ADNOC in the Strait of Hormuz was a breach of international law and freedom of navigation.

The Qatari foreign ministry said it “categorically rejects using the Strait of Hormuz as a pressure card” and called for it to be reopened without conditions.

South Korea said on Monday it was verifying intelligence that a South Korean-flagged vessel had been attacked in the Strait of Hormuz, Seoul-based Yonhap News reported on Monday.

A ​spokesperson for South Korean shipper HMM says a ​fire broke out in the ​engine room of one of its bulk carriers in the Strait of ​Hormuz, adding that the cause ​of the blaze was still under ‌investigation.

There were no reports of casualties or injuries, Reuters quoted him as saying.

US Treasury Secretary Scott Bessent said in an interview with Fox News that the United States had “absolute control” of the Strait of Hormuz and was opening up the waterway.

Bessent added that the United States was “firing only when fired upon.”

He also said President Donald Trump and Chinese President Xi Jinping had discussed Iran in their phone calls.

Two US-flagged merchant vessels successfully transited the Strait of Hormuz as US Navy guided-missile destroyers operated in the Persian Gulf under Project Freedom to support efforts to restore commercial shipping, US Central Command said on Monday.

US forces are assisting efforts to restore transit for commercial shipping, CENTCOM said in a post on X.

The two vessels were safely continuing their journey after passing through the strait, CENTCOM added.

Brent crude jumped more than 5% on Monday while the dollar strengthened after Iran said it had prevented a US warship from entering the Strait of Hormuz, Reuters reported.

US stock futures, European equities and bond prices fell as investors reacted to rising tensions in the strategic waterway.

The move followed conflicting reports of military activity in the area, which heightened concerns over global energy supply through the strait, a key oil transit route.