U.S. has conducted defensive strikes on some Iranian targets in Strait of Hormuz: official ahead of midterm elections

Easing crude oil prices and hopes of Middle East de-escalation support sentiment, even as global markets remain under pressure

The Wall Street Journal added that strikes have been carried out on ‌a smaller scale and purposefully ​kept secret so as not to signal any intent ⁠of resuming its major military campaign against Iran

The US struck Iran's Qeshm Island, pushing oil prices up 0.5% in early Asian trade. The attacks have revived concerns over an escalation of the conflict and prolonged disruption to oil supplies through the Strait of Hormuz.

The bilateral exercise brings together the two countries’ armed forces for joint training in humanitarian assistance, disaster response and operational coordination