US Forces Hit Qeshm Island Days Before Midterms

American troops attacked Iran's Qeshm Island in the Strait of Hormuz late Monday. The operation occurred just hours before Tuesday's US midterm elections. A US official said the strikes were limited and did not mark a return to major combat operations.

The military action was a response to Iranian surface-to-air missiles fired at US assets. Fox News reported that Iran had also targeted a US aircraft. The Wall Street Journal broke the news of the strikes, while Iranian state media reported hearing explosions on the island earlier in the day.

Markets reacted immediately to the shifting diplomatic landscape. Oil prices fell by more than 7 percent on Monday. Investors appear to be betting on a quick resolution to the conflict. Vice President JD Vance said he and President Donald Trump remain optimistic about the talks.

Diplomatic channels stayed open during the fighting. Iranian Foreign Minister Abbas Araghchi confirmed that indirect discussions were happening. He described the process as intensive. Mohammad Bagher Ghalibaf, the chief Iranian negotiator, stated on Tuesday that Iran was ready for war but had sent a rational message to Washington.

Mediators from Qatar arrived in Tehran on Monday night. They are reviewing a draft agreement that has been under negotiation for eight days. A senior Iranian official told Reuters that substantial differences still exist between the two sides. He added that reopening the strait depends on whether the US meets Tehran's conditions.

The economic pressure on both sides continues to mount. October recorded the highest number of attacks on commercial shipping in the Strait of Hormuz since March. The UK Maritime Trade Operations center reported that a projectile hit a ship on Monday, though the crew was safe. The US military said it has cleared all recognized routes, rejecting Iran's claims about mines.

International observers are watching the situation closely. At the Manama Dialogue in Bahrain, UAE adviser Anwar Gargash warned that the two sides remain far apart. Egyptian Foreign Minister Badr Abdelatty cautioned that further escalation would bring more destruction. China announced that a special envoy will visit Iran, Oman, and Saudi Arabia in early to mid-November.