US attacks Qeshm Island as Trump points to progress in negotiations with Iran

Tensions escalate in the Strait of Hormuz as the U.S. reportedly attacks Iran's Qeshm Island amid ongoing negotiations. The Wall Street Journal cites anonymous officials stating that this attack is part of a series of covert operations aimed at preventing Iranian threats to commercial shipping. Iran's state media reported explosions and sightings of U.S. drones, while the Iranian Revolutionary Guard claimed to have shot down two reconnaissance drones. Oil prices fell over 7% due to optimism about a potential resolution to the conflict, which has disrupted oil transport since February.