US strike on Iran's Qeshm Island lifts Brent and WTI prices

Oil prices rose slightly on November 3 after reports that the United States struck Iran's Qeshm Island, raising concerns about escalation of the eight-month conflict and potential supply disruptions from the Middle East. West Texas Intermediate crude gained 20 cents, or 0.21%, to $96.66 per barrel, while Brent futures rose 3 cents to $104.80. Prices had fallen over 7% on November 2 amid hopes for a ceasefire following Iranian-Qatari talks, but the strike added a risk premium back to the market. Analysts noted significant geopolitical risk is already priced in, with headlines alone unlikely to sustain gains without evidence of physical supply disruptions. Tehran said contacts with Washington continue, while traffic through the Strait of Hormuz has sharply declined since the conflict began in late February.