After 7% Slump, Crude Rises Again As US Strikes Iran's Qeshm Island; Brent Tops $105
· Free Press Journal
Global oil prices increased in early Asian trading on Tuesday, following reports of US military strikes on Iran's Qeshm Island, raising concerns about renewed escalation in the Middle East conflict.
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Brent crude gained 0.33% to $105.10 a barrel. US West Texas Intermediate (WTI) crude rose 0.48%, to $96.92.
The recovery followed Monday's sharp decline, when Brent settled $8.66, or 7.63%, lower at $104.77 a barrel.
Bulls Tighten Their Grip On D-Street, Sensex Zooms Over 600 Points To 76,358 And Nifty Crosses 23,600 As Strong Q2 Earnings And Cheaper Crude Lift MarketsThe Wall Street Journal reported, citing US officials, that American forces had struck Iran's Qeshm Island.
Some officials described the reported operation as defensive, aimed at preventing attacks on commercial vessels passing through the Strait of Hormuz.
The reported military action came as markets were beginning to anticipate progress towards a diplomatic settlement.
The conflict, which began in late February, has significantly disrupted shipping through the Strait of Hormuz.
Before the conflict, the strategic waterway handled approximately one-fifth of global crude oil and natural gas supplies, according to the report.
Brent ended October at a six-month high amid fears of further escalation.
Tehran said on Monday that contacts with Washington remained ongoing following discussions with Qatari mediators.
The negotiations reportedly produced revised proposals but failed to deliver a breakthrough.
US President Donald Trump also indicated that an agreement with Iran remained possible, while expressing uncertainty about resuming threatened military strikes.
Iranian President Masoud Pezeshkian said Supreme Leader Ayatollah Mojtaba Khamenei had granted the government certain powers to pursue peace negotiations.
The conflict has contributed to elevated petrol prices in the US, increasing domestic political pressure on Trump.
Separately, Washington plans to host Ukrainian and Russian delegations in Abu Dhabi on Nov 10-11 for discussions on ending the Ukraine conflict, post-war security arrangements and de-escalation.