Oil Prices Jump After US Strike on Iran's Qeshm Island
Oil prices rose on Tuesday morning after a US attack on Iran's Qeshm Island, reversing the previous session's sharp decline. Brent crude for January delivery traded at $106.75 per barrel, up 1.89%, while WTI rose 1.80% to $98.20. The price increase follows five explosions on Qeshm Island in the Strait of Hormuz, which hosts a missile complex, naval base, and water desalination plant. This came after Monday's drop, driven by signs of progress in Iranian-Qatari mediation talks and Iran's stated willingness to resolve the conflict through dialogue. Market analysts note that supply disruption risks continue to support prices, while uncertainty over Washington's next steps and trader reluctance to open large positions limit further gains. Reports indicate President Donald Trump is considering three options regarding the war with Iran, with White House officials divided on continuing the conflict.