The US military carried out airstrikes on Iran’s Qeshm Island and nearby coastal areas, including Bandar Lengeh, just hours before the November 3 midterm elections.
The strikes came after Iran’s Islamic Revolutionary Guard Corps (IRGC) targeted a US fighter jet and commercial ships near the Strait of Hormuz.
In a report, US officials described the strikes as a defensive move following two confrontations with Iran’s Islamic Revolutionary Guard Corps (IRGC) on November 2.
In the first incident, Iranian forces fired a surface-to-air missile at a US fighter jet, which returned fire. Later, US forces intercepted another Iranian missile launched from Qeshm Island that was heading toward commercial ships in the Strait of Hormuz.
The US then struck targets on Qeshm Island and near Bandar Lengeh. The island hosts several IRGC military sites, including underground missile storage facilities, naval bases and coastal radar systems.
The strikes came as diplomatic efforts to end the war were still ongoing.
Qatar has reportedly delivered a new peace proposal to Tehran, covering the Strait of Hormuz, US sanctions, frozen Iranian assets and Iran’s nuclear programme. The deal aims to end the conflict involving Iran, the US and Israel.
Meanwhile, Iran’s security chief, Mohsen Rezaei, described Washington’s recent tone as a “very good sign.” This suggests that diplomatic talks are still moving forward despite the latest US military action.
Oil prices reversed some of Monday’s losses after news of the US strike raised concerns about shipping disruptions. As Iran’s Qeshm sits directly on the Strait of Hormuz, the chokepoint for roughly a fifth of the world’s oil
Following the strike news, Brent crude oil price rose around 2.21% to $106.98 per barrel, after settling 7.63% lower at $104.77.
The crypto market also faced selling pressure as investors assessed geopolitical risks and awaited the US election results. Bitcoin fell 2.18% to $76,816.75 over 24 hours, while the broader crypto market declined 1.96%.
Institutional demand added to the pressure. US spot Bitcoin ETFs recorded $398.6 million in net outflows on November 2, extending the recent trend of withdrawals.
Bitcoin is now testing the $76,700 support zone. Holding this area could open a recovery toward $78,000, while a four-hour close below $76,400 may expose the 50-week moving average near $75,602.
Investors are also watching the November 6 US employment report for fresh signals on the economy and interest rates.
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