U.S. strikes near Hormuz raise fears of renewed fuel price hikes 

Iran accused the United States on Tuesday of violating a fragile ceasefire after U.S. strikes reportedly hit targets near the strategically vital Strait of Hormuz, raising fresh concerns over efforts to end the conflict that has disrupted global energy markets and widened regional instability.

Iran’s foreign ministry condemned the strikes in the southern province of Hormozgan as a “gross violation” of the ceasefire that has been in place for nearly seven weeks. Iranian media reported explosions in the area early Tuesday.

The United States defended the operation, saying the strikes were conducted for defensive purposes and targeted missile sites and vessels allegedly attempting to deploy naval mines.

U.S. Secretary of State Marco Rubio said negotiations to halt the conflict could still take several days despite earlier signs of progress toward an initial agreement aimed at ending hostilities and restoring shipping through the Strait of Hormuz.

Rubio said the waterway must remain open “one way or the other,” speaking to reporters while traveling in India.

The proposed initial agreement would reportedly provide a 60-day period for negotiators to address broader and more contentious issues, including Iran’s nuclear program. Iranian media said Tehran has pushed for the release of billions of dollars in frozen assets as part of the arrangement.

Iranian negotiator Mohammad Baqer Qalibaf recently returned from Qatar after discussions involving the release of approximately $24 billion in frozen Iranian funds, according to local media reports. Iranian news agency Fars cited an unnamed source describing the issue as the final major obstacle to an agreement.

The conflict, which began following U.S. and Israeli strikes on Iran on February 28, has triggered major disruptions in global energy supplies. Fuel, fertilizer, and food prices have risen amid reduced shipping activity through the Strait of Hormuz, a critical maritime corridor responsible for transporting roughly one-fifth of global oil and liquefied natural gas trade.

Traffic through the strait has remained significantly below normal levels since fighting began. Iran’s Revolutionary Guards said 25 oil tankers and commercial vessels passed through the passage with Iranian authorization during the past 24 hours.

Global oil markets reacted to the renewed tensions, with Brent crude prices climbing approximately 3.5 percent Tuesday to around $100 per barrel.

Iran’s Revolutionary Guards warned they reserve the right to retaliate against the latest U.S. strikes. The group said Iranian air defense systems downed one U.S. drone and engaged another drone and a fighter aircraft allegedly entering Iranian airspace over the Gulf region.

In remarks posted on Telegram during the annual hajj pilgrimage, Iran’s Supreme Leader Ayatollah Mojtaba Khamenei issued sharply worded statements against the United States and Israel, reflecting heightened tensions following the latest military developments.

Indirect talks between Iranian and U.S. officials have reportedly produced progress toward a memorandum of understanding intended to establish a framework for future negotiations. Iranian sources said a preliminary agreement could end hostilities across multiple fronts, gradually restore maritime traffic through the Strait of Hormuz within 30 days, and potentially provide limited financial relief.

More complex matters, particularly Iran’s nuclear activities, would be addressed in a second phase of negotiations.

Iran has reportedly allowed selective vessel passage through the strait, prioritizing ships linked to countries maintaining close relations with Tehran.

Former U.S. President Donald Trump has repeatedly stated that preventing Iran from developing nuclear weapons remains a central objective of U.S. policy, a claim Tehran continues to deny. Trump has also renewed calls for additional Arab and Muslim nations, including Saudi Arabia, to join normalization agreements with Israel under the Abraham Accords framework.

Saudi Arabia has maintained that it will not support such agreements without a clear pathway toward Palestinian statehood.

Beyond the Gulf, regional tensions remain elevated. Iran has called for an end to fighting in Lebanon, where a ceasefire established in mid-April has failed to stop clashes involving Israel and the Iran-backed Hezbollah movement. Israeli Prime Minister Benjamin Netanyahu said Israel was intensifying military operations in Lebanon and deploying substantial forces.

The broader conflict has killed thousands of people, most of them in Lebanon and Iran. Meanwhile, internet monitoring organization NetBlocks reported a partial restoration of internet connectivity inside Iran following a blackout that lasted nearly 90 days.