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The standoff between the United States and Iran over the Strait of Hormuz has intensified, even as Qatar attempts to revive diplomatic efforts aimed at ending the seven-month-long conflict in the Middle East.
Qatari Prime Minister Sheikh Mohammed Al-Thani said Doha was working to facilitate communication between Washington and Tehran and find a diplomatic solution to the dispute over the strategic waterway.
Qatar pushes diplomatic solution
Al-Thani said Qatar wants the Strait of Hormuz issue to be resolved through diplomacy, while stressing that closing or mining an international waterway was unacceptable.
He also highlighted the importance of the strait to Qatar and other Gulf states, saying Doha was seeking a peaceful approach that would also protect the rights of coastal countries to free passage.
Meanwhile, Iranian Foreign Minister Abbas Araghchi has received US feedback on a proposed seven-day trust-building plan through Qatari mediators, according to Reuters. The proposal was expected to be discussed in Tehran.
Iran, US trade claims over Strait of Hormuz
Iran has asserted that it controls the Strait of Hormuz, with state-backed IRNA quoting army spokesman Mohammad Akrami-Nia as saying Iranian authority now prevailed in the waterway.
Akrami-Nia described the strait as a strategic Iranian asset and said Tehran would defend what it considers its rights. The US military rejected the claim. US Central Command said thousands of vessels had continued to pass through the strait and pointed to the movement of more than one billion barrels of oil in recent months.
The command also issued a strongly worded response to Tehran’s assertion of control over the waterway.
Oil markets remain under pressure
Concerns over possible disruptions to global energy supplies eased somewhat after Saudi Arabia reopened its East-West pipeline, which had been temporarily closed following a drone attack earlier this month.
Despite this, oil prices remained elevated. Brent crude rose 0.5% to $103.10 a barrel, while WTI crude was largely unchanged at $89.44. Brent has gained around 14% this month, marking its strongest monthly increase since July. WTI has risen by more than 4%.
Iraq resumes flights to Iran
Iraqi Airways resumed flights between Najaf and Iranian airports on Monday, according to Iraq’s state-run news agency.
Iraqi Ambassador to Iran Yasser Abdul-Zahra Al-Hajjaj said Baghdad had not ordered the suspension of flights to Iran. However, foreign ground-handling companies have reportedly stopped providing services because of concerns over potential US sanctions.
The development comes after Washington imposed sanctions on Iranian airlines last week, affecting flights to the UAE and Oman. US President Donald Trump has also said Washington has not offered Tehran sanctions relief or the release of frozen Iranian funds.
Gulf markets fall amid uncertainty
Uncertainty over the prospects of a peace agreement also weighed on Gulf stock markets.
Saudi Arabia’s benchmark index fell 1.2%, while shares of Saudi Aramco declined by more than 1%. Qatar’s main market index also dropped by more than 1%. Dubai’s benchmark fell 0.2% and Abu Dhabi’s declined 0.3%. Kuwait and Oman also ended lower, while Bahrain recorded a marginal gain.
With diplomatic efforts continuing, the Strait of Hormuz remains a major flashpoint between Washington and Tehran, with its status carrying significant implications for regional security and global energy supplies.
