Oil prices rise after US strike on Iran's Qeshm Island revives supply fears

Oil prices rose in Asian trade Tuesday after reports of a US strike on Iran's Qeshm Island revived supply concerns, with Brent crude up 0.5% to $105.25 a barrel and WTI gaining 0.5% to $96.93. The Wall Street Journal reported, citing US officials, that American forces struck the island defensively to prevent Iran from targeting commercial vessels in the Strait of Hormuz, a waterway that carried about a fifth of global crude before the conflict began in late February. Both sides signaled openness to negotiations, with Iran saying contacts with Washington continue and President Trump suggesting an agreement remains possible, though markets remain split between diplomatic hopes and escalation risks.