Iran rejects Qatar's claims after 3 tankers hit in Strait of Hormuz

Iran rejected Qatar's accusations over the strike on a Qatari LNG carrier in the Strait of Hormuz, citing the June 18 memorandum that obligates Tehran to manage the waterway — a dispute that threatens to unravel the 60-day truce.

"Iran is seriously fulfilling its commitments and expects regional countries, especially Qatar as the mediator of the memorandum, to avoid any actions that violate the provisions of the agreement," Esmaeil Baghaei, spokesperson for Iran's Foreign Ministry, said in a statement Sunday.

The attack on the Al Rekayyat, a Qatari LNG carrier owned by Nakilat, marked the first time a gas tanker from the Persian Gulf state had been struck since the war began in late February. A second vessel, the Saudi-flagged crude tanker Wedyan, also sustained damage, while a third ship was hit by a projectile off Oman, according to the United Kingdom Maritime Trade Operations. Oil prices rose as much as 3 percent on Tuesday, while European gas futures added as much as 6 percent.

The dispute tests the interim agreement signed last month that paused hostilities and launched a 60-day negotiating window aimed at reaching a broader peace deal. The Strait of Hormuz handles roughly one-fifth of the world's seaborne oil, and traffic through the chokepoint had only partially recovered — with about 108 crossings over the weekend, down from a pre-war average of 120 to 140 vessels per day, according to ship-tracking firm Kpler.

A Fragile Truce Under Pressure

The attack came as Iran observed funeral ceremonies for slain Supreme Leader Ayatollah Ali Khamenei, who was killed on the first day of the US-Israeli strikes in late February. His burial is scheduled for July 9 in Mashhad, where hundreds of thousands of mourners have gathered. Talks between Washington and Tehran were paused during the mourning period, with Qatar — the key intermediary — saying the next round would be scheduled after the ceremonies concluded.

The June 18 memorandum, which Iran's Baghaei cited in rejecting the accusations, committed both sides to halting military operations while pursuing a broader peace agreement. Under the framework, Iran agreed to reopen the Strait of Hormuz to commercial shipping in exchange for limited economic relief, including oil sanctions waivers that the US Treasury later revoked after the latest attacks. The revocation marked the first major US response to the renewed hostilities, with the Treasury Department saying Iran's actions in the strait were "wholly unacceptable."

Qatar, which has served as a key intermediary between Washington and Tehran, condemned the attack as an "unacceptable" violation of international law. Majed Al-Ansari, a spokesperson for the Qatari Foreign Ministry, said the country holds Iran "fully legally responsible" for the strike on the Al Rekayyat. The diplomatic rift between the two Gulf states complicates the mediation process, as Qatar's role as interlocutor had been central to securing the June truce.

Oil Markets on Edge

The last time a similar escalation threatened the strait, in late April, crude prices surged more than 8 percent over a three-day period as shipping traffic collapsed to as few as two tankers per day. Brent crude traded near $78 a barrel Tuesday, with the risk premium reflected in elevated options skew and widening credit default swaps on Gulf state sovereign debt.

Iran has insisted it should play a leading role in managing traffic through the strait and has sought to collect fees from commercial vessels — a position the US and Gulf Arab states reject. The Trump administration has maintained a shipping corridor along the Omani side of the waterway, while Iran operates its own approved route closer to its coastline. Of the 25 ships that transited the strait Monday, only three used the US-managed Omani route with their transponders on, Kpler data show. The rest opted for the Iran-approved northern corridor, reflecting shipowners' divergent risk assessments.

President Donald Trump warned Monday that Iran would need to "make a deal, or we're going to finish the job," adding that the US could "knock down their bridges in one hour." Iran's Foreign Minister Abbas Araghchi responded that such threats violated the terms of the memorandum, saying negotiations would not commence if threats continued. The exchange highlighted the widening gap between the two sides just weeks into the 60-day negotiating window.

The next round of talks, originally expected to resume after Khamenei's burial on July 9, now faces an uncertain timeline. If the dispute over the strait escalates further, the 60-day window — set to expire in mid-August — could close without a final deal, raising the prospect of a return to hostilities.

This article is for informational purposes only and does not constitute investment advice.