The development came amid growing diplomatic efforts to reopen the strait, through which a significant proportion of internationally traded oil and liquefied natural gas traditionally passes. The attack underscored the fragility of negotiations aimed at restoring normal maritime traffic and heightened concerns about the security of commercial vessels navigating the strategic passage. The developments have reinforced concerns that the war could reshape security alliances across the Middle East even as diplomatic efforts intensify to contain the conflict. For global markets, however, immediate attention remains firmly fixed on the Strait of Hormuz. Iran has effectively made the strait part of its negotiating leverage, insisting that unrestricted passage will return only after Washington addresses Tehran’s broader political, military and economic demands.