Oil rises after report of US strike on Iran's Qeshm Island
Brent crude rose 0.5% as traders weighed the risk of wider conflict and disruptions to shipments through the Strait of Hormuz, Reuters said.
- Oil prices rose in early Asian trade on Tuesday following reports that the United States struck Iran's Qeshm Island, with Brent crude futures up 0.5% to $105.25 a barrel and West Texas Intermediate crude increasing 47 cents to $96.93 a barrel.
- Iranian state media reported several explosions near Qeshm Island on Monday, while the Islamic Revolutionary Guard Corps claimed to have intercepted American drones near the Strait of Hormuz in separate operations.
- Market analyst Tim Waterer at KCM Trade noted the strike report "flipped the tone" after markets had begun pricing in a more diplomatic path, reversing recent optimism about conflict resolution.
- Reduced traffic through the Strait of Hormuz during the eight-month US-Iran conflict has become a leading cause of elevated gasoline prices, affecting global crude oil and natural gas supplies.
- Iranian President Masoud Pezeshkian said Supreme Leader Ayatollah Mojtaba Khamenei authorized peace talks, though recent Qatari mediator discussions ended without breakthrough; separately, the United States will host Ukraine-Russia talks in Abu Dhabi on November 10-11.
130 Articles
130 Articles
On the day before the Midterms, US President Donald Trump had indicated a peace agreement with Tehran. At the same time, the US military targets on the Iranian island of Qeschm are attacking. Media reports of explosions in the Strait of Hormuz.
US warplanes bombed Iran's Qeshm Island hours before the US midterm elections. This air operation, which casts a shadow over diplomatic contacts and peace talks being conducted by the Washington administration, is alleged to be part of a series of covert attacks against Iran.
US forces have carried out strikes on Iranian targets on the island of Qeshm in the Strait of Hormuz, just hours after Donald Trump praised falling oil prices and hinted at the possibility of a deal with Iran.
The US attacked Iran's Qeshm Island. Global oil prices rose again, while the Strait of Hormuz, a global energy route, was looming over the threat of war.
US Attack on Qeshm Island Reported on Election Eve as Trump Plays Down Renewed Iran War
US forces attacked Iran's Qeshm Island on Monday, 2 November, US officials told The Wall Street Journal. The reported strike came a day before the midterm elections, as President Donald Trump played down the prospect of renewed large-scale war. Washington and Tehran have been at war since 28 February. For weeks, Trump had raised the possibility of returning to all-out conflict after Tuesday's vote, while senior administration officials debated f…
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