Oil prices rise after U.S. strikes Iran's Qeshm Island in Strait of Hormuz

Oil prices rose Tuesday after the U.S. struck Iran's Qeshm Island in the Strait of Hormuz, with Brent crude trading near $106.60 a barrel, up over 1.7% following Monday's 7% selloff. U.S. officials described the strike as limited and defensive, aimed at protecting American assets after Iranian fire targeted a U.S. aircraft. Iran's deputy foreign minister defended Tehran's right to self-defense, while President Trump and Vice President Vance signaled possible progress in talks. Iran says the Strait of Hormuz could reopen within two days if seven demands are met, though the U.S. rejects Tehran's authority over the waterway. Gulf allies fear a wider offensive, and shipping disruptions persist, with Saudi Aramco noting transit delays.