Seventeen U.S. service members have been killed since the war in Iran began.
President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes targeting military, government and infrastructure sites.
Delegations from the U.S. and Iran entered negotiations in June aimed at a war-ending deal based on a memorandum of understanding signed by both countries.
The U.S. and Iran have nonetheless continued to exchange strikes, with the strategic Strait of Hormuz the primary flashpoint.
Secretary of Defense Pete Hegseth told congressmembers on Capitol Hill that the war in Iran has cost the U.S. $37.5 billion so far.
Hegseth said this includes estimated costs through Sept. 30.
Even the threat of attacks by the Houthis is having an impact on ships transiting through the Bab el Mandeb route -- a strait in the Red Sea's southern gateway and one of the world's most important oil shipping routes for crude and fuel shipments moving between the Middle East, Europe and Asia -- according to a ship fleet company executive who has seven tankers in the region.
"There is no transit through the Strait of Hormuz. Also as of today the Bab el Mandeb transits into the Red Sea are also uncertain as Houthis have sent messages to many companies banning transit to Saudi ports," the executive told ABC News.
"We deal with uncertainty on a daily basis but the level of uncertainty now is unprecedented. Especially for the seafarers this is a nightmare. This is a huge concern for the world because if the Bab el Mandeb closes while the Strait of Hormuz is closed oil will go to 150!" the executive said.
The executive said it is "too risky" to go through the Arabian Gulf, adding that the "Red Sea transit has become an unknown. No incidents as yet but clear threats and instructions from Houthis not to head to/from Saudi ports."
-ABC News' Desiree Adib
President Donald Trump insisted on Tuesday that Iran "desperately" wants to meet for ceasefire talks despite the U.S. and Iran exchanging limited strikes for over a week.
But, Trump maintained that the war is not yet over telling reporters at the White House, "We're not finished."
"We're not leaving," Trump said.
Multiple crew members were injured in Iranian strikes on a Kuwaiti tanker passing through the Strait of Hormuz on Monday evening, Kuwait’s foreign ministry said in a statement on Tuesday.
The ministry said it had summoned Iran’s ambassador to Kuwait to protest the alleged attack.
"The State of Kuwait renewed its demand for Iran to immediately cease its illegitimate attacks, emphasizing Kuwait's reservation of its right to take necessary measures, and holding Iran fully responsible for this aggression and its ongoing assaults against the State of Kuwait," Kuwait's Ministry of Foreign Affairs said in a statement Tuesday.
