Global crude oil prices rebounded early Tuesday following reports that American forces struck Iran’s Qeshm Island. The attack sparked fresh fears over potential supply disruptions across the Middle East.
Brent crude rose 61 cents to $105.38 a barrel in morning trade. Meanwhile, US West Texas Intermediate crude gained 71 cents, reaching $97.17 a barrel.
This surge followed a sharp drop in the previous session when Brent fell over seven percent. Traders quickly reintroduced a geopolitical risk premium to offset new military uncertainties.
US officials described the Qeshm Island operation as a defensive measure. They aimed to prevent Iranian forces from threatening commercial shipping within the Strait of Hormuz.
The ongoing conflict has severely restricted maritime traffic through the vital Strait of Hormuz. The corridor routinely handles one-fifth of global crude oil and natural gas shipments.
Prolonged transit disruptions continue driving up fuel prices for consumers worldwide. Rising gasoline costs place additional pressure on the United States administration to stabilize energy markets.
Brent crude recently reached a six-month high due to escalating Middle East volatility. Market analysts expect continued price fluctuations following upcoming US midterm elections.
Despite recent military action, diplomatic channels between Washington and Tehran remain active. Qatari mediators recently hosted talks, though discussions ended without reaching a definitive breakthrough.
US President Donald Trump noted that a deal remains possible. He expressed uncertainty regarding whether additional military strikes would move forward in the coming days.
Meanwhile, Iranian President Masoud Pezeshkian confirmed new authority from Supreme Leader Ayatollah Mojtaba Khamenei. Iranian negotiators now hold greater power to pursue potential peace agreements.
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