Oil prices rose on Tuesday following reports that the United States struck Iran’s Qeshm Island late on Monday, a day before the United States midterm elections.
Brent crude futures gained 1.75 per cent to $106.60 per barrel, while US West Texas Intermediate crude rose 1.7 per cent to $98.10.
The rebound came a day after oil prices plunged by more than seven per cent, following signals from the US and Iranian presidents that they were open to a diplomatic resolution to the ongoing conflict.
Before Monday’s sell-off, Brent crude had climbed to its highest level since 2022 amid growing concerns that Washington could launch further attacks on Iran after the midterm elections.
The United States attacked Iran’s Qeshm Island on Monday, with US officials telling The Wall Street Journal that Washington had conducted limited strikes against the country in recent weeks.
The military operations have been deliberately kept low-profile to avoid signalling any plans for a major escalation of the conflict, the newspaper reported, citing an unnamed US official.
The military operations have been deliberately kept low-profile to avoid signalling plans for a major escalation of the conflict, the report said, citing an unnamed US official.
