US military strikes targeted Iran's Qeshm Island in the Strait of Hormuz on Monday, officials said, in what appeared to be a limited operation following an incident involving the Islamic Revolutionary Guard Corps firing upon a US aircraft. Iranian state news agency IRNA reported several explosions on the island. US officials told CBS and the BBC the strikes were carried out in response to the IRGC incident. The operation comes ahead of US midterm elections that will determine control of Congress. President Trump said he was in 'no rush' to ramp up strikes on Iran, telling Axios: 'We crippled them financially. They have no money, no gasoline and their people are getting very tired of it.' Trump also suggested the US might target 'Pickaxe', a site linked to Iran's nuclear programme, describing it as 'not a big deal' that could be done in 'one hour.' When asked if the US would resume significant strikes after the midterms, Trump said 'no.' Iranian Foreign Minister Abbas Araghchi told IRNA that very intensive talks to try and end the war are underway with the US via mediators. Araghchi said Tehran was prepared for both diplomatic and military scenarios more than ever before and that it was up to the US to choose between a wise path of negotiation or the mistake of military aggression. The BBC has contacted US Central Command for comment.