Iranian Foreign Minister Seyed Araghchi on Monday warned that military action would not yield a resolution to the Hormuz crisis, but also said that talks in Pakistan were making headway.
“Events in Hormuz make clear that there’s no military solution to a political crisis,” Araghchi said in a social media post.
His comments came after tensions flared in the Strait of Hormuz on Monday, as the U.S. launched a military effort to escort commercial ships through the shipping channel, sparking resistance from Iran.
Iran was seen launching multiple cruise missiles, drones, and small boats in response to the U.S. effort, reportedly striking cargo several ships and an oil port in the United Arab Emirates.
The U.S. military said it had destroyed six Iranian small boats and intercepted cruise missiles in the region. Iranian state media reported that the U.S. had fired on two small cargo boats, not speedboats, and that five civilians were killed in the attack.
Renewed hostilities in Hormuz threatened to break an already tenuous ceasefire between Washington and Tehran, as they clashed over maintaining control of the key waterway.
Iran has kept the shipping channel effectively closed since the onset of the war in late-February, cutting off roughly a fifth of the world’s oil supply. Talks between the U.S. and Iran to end their conflict have so far yielded few results.
But Iran’s Araghchi said on that talks between the two sides– which were brokered by Pakistan– were “making progress,” indicating that dialogue between Tehran and Washington was continuing.
While it was unclear whether the dialogue was direct or through intermediaries, it raised some hopes for an eventual de-escalation in the conflict. Oil price slid some 1.4% in the early hours of Tuesday after rallying around 6% in the prior session.
Still, a path towards de-escalation appeared unclear, with the U.S. and Iran also remaining at odds over Tehran’s nuclear activities. Iran had put forward a 14-point peace plan to reopen Hormuz and end the war, although Washington was seen largely rejecting the plan.
U.S. President Donald Trump on Monday repeated his threats against Iran, warning that the country would be "blown off the face of the Earth" if it attacked any U.S. vessels in Hormuz.
Source: Investing