Oil edges up after report of US strike on Iran's Qeshm Island

Nikkei Asia · Staff Writer · 2026-11-03 06:11 UTC

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(Reuters) -- Oil prices edged up on Tuesday after a report that the United States had struck Iran's Qeshm Island, raising concerns about an escalation of the eight-month conflict and prolonged disruptions to Middle East oil supplies.

U.S. West Texas Intermediate crude was up 20 cents, or 0.21%, at $96.66 a barrel while Brent crude futures rose 3 cents, or 0.03%, to $104.8 a barrel by 0355 GMT.

Both benchmark prices dropped more than 7% on Monday as talks between Iranian and Qatari officials lifted hopes for an end to the U.S.-Israeli war with Iran.

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