Oil rises after report of US strike on Iran's Qeshm Island
The report added a risk premium as traders weighed escalation and possible disruptions to Middle East oil shipments.
- 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.
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289 Articles
The U.S. military has carried out ‘limited’ attacks on the Iranian island of Qeshm on the eve of the midterm elections. Three U.S. officials confirmed this to CNN. According to the United States, it is a defensive action in response to Iranian shelling of an American aircraft. It is the first – as far as is known – American attack on Iran in weeks.
The United States has carried out attacks on the Iranian island of Qeshm. That island occupies a strategic position in the Strait of Hormuz and houses important military bases. The Iranian state news agency IRNA reports that several explosions were heard. The attacks appear to be relatively small-scale and do not signify a resumption of large-scale operations, American media and international news agencies report, citing sources within the US g…
CNN, citing three U.S. officials, explains that the attack on the island of Qeshm was a defensive action aimed at protecting U.S. interests in the region
Attacks were described as defensive operations to protect maritime traffic and respond to the killing of an American military aircraft in the region
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