Watch: Qatar says Hormuz Strait deal crucial for US-Iran talks

Three ships traversing the strategically vital Strait of Hormuz have been targeted, according to British maritime authorities, resulting in two fatalities. The vessels were struck by unidentified projectiles, causing the disruption. INTERCARGO, a cargo shipowners' association, disclosed that a sailor aboard the Liberian-flagged bulk carrier Minoan Dynasty perished on Monday.

Despite recent easing of tensions between Iran and the United States, a series of attacks on maritime traffic through the strait has unsettled investors, causing oil prices to surge to a three-week high. Brent crude futures surged over 3% over the past week, reaching $91.38 by 5:45pm AEST on Friday. The narrow waterway, situated between Iran and Oman, serves as a critical shipping route for oil in the region.

Iran's chief negotiator, Mohammad Baqer Qalibaf, asserted on state media that the strait would remain closed until the US fulfills the terms of an interim deal signed between the two nations in June. These conditions encompass the US lifting its blockade, lifting oil sanctions, unfreezing Iranian assets, and ending military threats.

However, Saudi Aramco, the world's leading oil producer, has resumed loading oil from within the strait, with potential destinations including Singapore and Malaysia. Despite Iran and the US not engaging in direct confrontations, energy prices have persisted higher than pre-war levels, while the approximately 500 million barrels that typically pass through the strait monthly have dwindled significantly.

In a recent address, US President Donald Trump informed Americans to brace for higher petrol prices as the conflict persists. Shipping through the contested strait has further slowed in recent days, following similar attacks on vessels last week and ongoing talks between Iran and the US that have stalled. President Trump declared there are no planned discussions between the two countries and affirmed that the strait remains open.

The Naval Blockage, which was in full force, persists. The ceasefire between Iran and the US lapsed on Monday, and Trump stated he would not extend it. The US President also hinted at claiming the strait as a US territory following the war. The strait is increasingly becoming a point of tension for the American leader, as the ongoing Iran war garners growing domestic opposition.

He recently threatened to bomb US ally Oman, declaring during an interview with Fox News: "If Oman gets in the way, we'll bomb the shit out of them." Six months into the conflict, 17 seafarers have lost their lives in the waterway, with the number of ships passing through estimated to have dropped by roughly 90%. Many vessels operate with their navigation and identification devices turned off to deter attacks.

INTERCARGO emphasized that seafarers are civilians and must never be targeted or collateral victims of geopolitical conflicts. One seafarer's life lost is one too many.