Business · Energy & Commodities · 2 hrs ago
Oil prices rise after report of US strike on Iran's Qeshm Island
Oil prices rose after a report of a US strike on Iran's Qeshm Island in early Asian trading on Tuesday.
Brent crude was up 0.5% to $105.25 a barrel, while US crude rose 0.5% to $96.93.
The strike was reported as part of the eight-month conflict between the United States and Iran; some US officials described it as defensive.
The conflict has cut traffic through the Strait of Hormuz, a route that previously carried about one-fifth of global crude oil and natural gas supplies.
Disruption there can affect energy supplies and fuel prices, while the reported strike has added concern that fighting could escalate.
Iran says contacts with the United States are continuing, and a deal could still be reached, though talks involving Qatari mediators have not produced a breakthrough.
Oil prices rose in early Asian trade after a report said the United States had struck Iran’s Qeshm Island.
The report raised concerns about escalation in the eight-month conflict and longer disruptions to Middle East oil supplies.
Brent crude futures were up 0.5% to $105.25 a barrel, while US West Texas Intermediate was up 0.5% to $96.93.
The Wall Street Journal reported the strike, citing US officials, some of whom described it as defensive.
Iran said contacts with the United States to end the war were continuing, while US President Donald Trump said a deal could happen.
- Who
- The United States was reported to have struck Iran’s Qeshm Island.
- What
- Oil prices rose after the report, amid concerns about escalation and oil supply disruptions.
- When
- Tuesday, November 3, 2026, in early Asian trade.
- Where
- Qeshm Island, Iran; oil trading took place in Asian markets.
- Why
- The reported strike raised concern that the conflict could escalate and disrupt Middle East oil supplies.
This story does not have two clearly opposing sides.
The US-Iran conflict began.
Brent crude futures settled 7.63% lower at $104.77 a barrel.
Tehran said contacts with the United States to end the war were continuing.
Oil prices rose after a report of US strikes on Qeshm Island.
- Brent crude
- $105.25 a barrel, up 48 cents or 0.5% by 0104 GMT
- US West Texas Intermediate
- $96.93 a barrel, up 47 cents or 0.5%
- Reported strike location
- Qeshm Island, Iran
- Conflict duration
- Eight months
- Strait of Hormuz
- Previously carried about a fifth of global crude oil and natural gas supplies
What people are saying
The report added a degree of risk premium back into the oil price. Just when markets were starting to price in a more diplomatic path, this reminder of ongoing military activity has flipped the tone