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Peace talks between the US and Iran commenced in Switzerland amidst conflicting claims over the Strait of Hormuz.

Iran's top joint military command said the only safe passage for commercial vessels and oil tankers through the Strait of Hormuz is the route designated by Tehran, amid escalating tensions in the strategic waterway, as per Reuters.

Funeral processions carrying the coffin of Iran's slain supreme leader Ali Khamenei will pass through the Iraqi holy cities of Najaf and Karbala on Wednesday as part of six days of public mourning ceremonies that began in Iran over the weekend, AFP reported.

Iran's top joint military command on Tuesday accused the U.S. military of targeting parts of southern Iran in an act of "blatant aggression", Reuters reported, as tensions escalated following Washington's latest wave of strikes.

Qatar on Tuesday condemned the attack on its tanker Al Rekayyat near the Strait of Hormuz, calling it an unacceptable assault on international navigation and global energy security, Reuters reported.

Foreign ministry spokesperson Majed Al Ansari described the incident as a clear violation of international law and urged Iran to immediately cease actions that threaten regional security and maritime navigation. He said Tehran bore full legal responsibility for the attack and any resulting damage or consequences, according to Reuters.

Oil prices climbed nearly 2% on Wednesday after the United States launched fresh airstrikes on Iran and reimposed sanctions on Iranian crude sales, stoking concerns that the fragile ceasefire could unravel and disrupt oil supplies from the Middle East, Reuters reported.

Brent crude futures rose $1.38, or 1.9%, to $75.54 a barrel, while U.S. West Texas Intermediate crude gained $1.37, or 1.9%, to $71.81 a barrel at 0128 GMT. The gains followed U.S. Central Command's announcement that the strikes were carried out in response to Iranian attacks on three commercial vessels transiting the Strait of Hormuz. Both benchmarks had already surged about 3% on Tuesday after Washington revoked a general licence allowing Iranian crude sales.

The White House has invited Lebanon's President Joseph Aoun to visit Washington on July 21, a White House official told Reuters.

Iran's top joint military command reiterated on Tuesday that it would not allow U.S. interference in the management of the Strait of Hormuz, Reuters reported, as tensions remain elevated following fresh U.S. strikes on Iran and attacks on commercial shipping in the strategic waterway.