Oil prices rise following U.S. strikes on Qeshm Island

Oil prices experienced a modest recovery on Tuesday, November 3, 2026, following reports that the United States conducted military strikes against the Iranian island of Qeshm. By early Tuesday morning, Brent crude reached approximately $105.25 per barrel, reflecting an increase of about 0.5%, while West Texas Intermediate (WTI) rose to approximately $96.93 per barrel. This uptick occurred as markets reacted to heightened concerns regarding the potential escalation of the ongoing eight-month conflict and possible disruptions to energy supplies from the Middle East.

The strikes, first reported by the Wall Street Journal, were characterized by U.S. officials as defensive measures intended to prevent Iran from conducting unprovoked attacks. These developments follow a significant market downturn on Monday, when both benchmarks fell by more than 7% amid renewed optimism fueled by discussions between Iranian and Qatari officials regarding a potential resolution to the conflict between Iran and the U.S.-Israeli axis.

At present, the situation remains fluid. While the strikes were aimed at curbing regional military activity, the long-term impact on global oil markets and the duration of the broader conflict remain uncertain as diplomatic efforts continue in parallel with military engagements.