Oil prices rise after report of US strikes on Iran's Qeshm Island

Oil prices rose in early Asian trade on Tuesday following reports that the United States military struck Iran’s Qeshm Island on Monday. Brent crude futures increased by 48 cents, or 0.5%, to $105.25 a barrel, while US West Texas Intermediate crude rose 47 cents, or 0.5%, to $96.93 a barrel. The reports of strikes, which were first noted by The Wall Street Journal citing US officials, raised concerns regarding potential conflict escalation and disruptions to Middle East oil supplies.

The strikes targeted radar detectors and missile launchers on the island, which is located near the Strait of Hormuz. According to The Hill and New Straits Times, a US official described the Monday attack as defensive in nature. The National UAE and Live Mint reported that the strikes were part of a series of limited, low-profile operations carried out by Washington in recent weeks that were kept secret to avoid signaling a resumption of a major military campaign.

On Monday, Tehran stated that contacts between Iran and the US to end the war were continuing following talks with Qatari mediators. Separately, President Donald Trump raised doubts regarding whether he would follow through on a threatened resumption of military strikes against Iran, telling reporters "no" when asked if he was considering strikes after the Tuesday midterm elections.

Brief written by urgent.news from Business Standard IN, The Hill, New Straits Times, The National UAE, Live Mint — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.