Brent crude oil climbed above $106 a barrel on Tuesday, November 3, recovering part of the previous session’s losses following reports that the United States carried out military strikes on Iran’s Qeshm Island.
The international oil benchmark had fallen more than 7% on Monday, settling at $104.77 a barrel, as diplomatic developments raised expectations of a potential agreement between Washington and Tehran.
Tuesday’s rebound followed reports of limited US military operations near the Strait of Hormuz, a major transportation route for global energy supplies.
Reported US Strikes Raise Supply Concerns
The Wall Street Journal reported that American forces had struck targets on Qeshm Island, citing US officials. Some described the operations as defensive measures intended to prevent attacks on commercial shipping.
The reported strikes come amid continuing diplomatic efforts to end the conflict between the United States and Iran.
Iranian Foreign Ministry spokesperson Esmail Baghaei said Washington would need to determine the next steps toward a potential agreement.
President Donald Trump, meanwhile, indicated that Tehran was interested in reaching a settlement, although no final agreement has been announced.
The developments have kept attention on the Strait of Hormuz, where disruptions to shipping have affected the movement of crude oil and petroleum products.
Energy Prices Remain in Focus During US Elections
The latest oil price movements coincide with the US midterm elections, as higher gasoline and energy costs remain a concern for American households.
The conflict has disrupted shipping through the Strait of Hormuz, which handled approximately one-fifth of global oil and natural gas supplies before hostilities began.
Oil markets have experienced substantial price fluctuations in recent sessions, reflecting changes in expectations surrounding diplomatic negotiations and military activity.
Brent’s rebound followed Monday’s 7.63% decline, while US West Texas Intermediate crude also advanced in early Tuesday trading.
The extent of any further impact on global oil supplies will depend on developments affecting production facilities, maritime transportation and ongoing negotiations.
