Oil Prices Rebound After Reports of U.S. Strikes on Iran's Qeshm Island
Oil prices rebounded after reports of U.S. strikes on Iran's Qeshm Island, reversing a 7% drop from the previous day amid renewed concerns over Middle Eastern supply disruptions. Brent crude traded at $105.26 per barrel and West Texas Intermediate at $97.07, following a Wall Street Journal report citing unnamed U.S. officials on the latest in a series of limited strikes over recent weeks. The news countered expectations of diplomatic progress, with President Trump claiming victory over Iran despite ongoing military activity. Analysts noted the report added a risk premium back into prices, though some cautioned that fresh headlines alone may not sustain a rally without concrete evidence of further physical supply disruptions.