Crude Oil Prices Rise After Report of US Strike on Iran’s Qeshm Island (November 3, 2026)

Crude oil prices rose in early Asian trading on Tuesday, November 3, 2026, after reports of a US strike on Iran’s Qeshm Island raised concerns about further escalation in the eight-month conflict and possible disruptions to Middle East oil supplies, as per news reports. 

Brent crude futures climbed 48 cents, or 0.5%, to $105.25 a barrel by 0104 GMT. US West Texas Intermediate (WTI) crude gained 47 cents, or 0.5%, to $96.93 a barrel. 

The gains followed a sharp decline on Monday, when Brent crude settled $8.66 lower, down 7.63%, at $104.77 a barrel. 

US Strike on Qeshm Island Raises Supply Concerns 

The Wall Street Journal reported that the United States had struck Iran’s Qeshm Island, citing US officials. Some officials described the attacks as defensive measures intended to prevent Iran from targeting commercial vessels in the Strait of Hormuz. 

The report renewed concerns about military escalation and the potential impact on oil shipments through the strategic waterway. 

US-Iran Peace Talks Continue Amid Tensions 

Tehran said on Monday that discussions with Washington to end the conflict were continuing. Days of talks involving Iranian representatives and Qatari mediators ended with revised proposals but no agreement. 

US President Donald Trump also expressed uncertainty over resuming military strikes against Iran, while indicating that a deal with Tehran remained possible. 

Iranian President Masoud Pezeshkian said Supreme Leader Ayatollah Mojtaba Khamenei had granted the government certain powers to pursue peace negotiations. 

Strait of Hormuz Disruptions Remain a Key Concern 

The conflict, which began in late February, has sharply reduced shipping traffic through the Strait of Hormuz. The waterway previously handled around one-fifth of global crude oil and natural gas supplies. 

Brent crude ended October at its highest level in six months amid concerns about renewed escalation in the Middle East following the US midterm elections. 

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Ukraine-Russia Talks Scheduled in Abu Dhabi 

Separately, the United States will host delegations from Ukraine and Russia in Abu Dhabi on November 10–11. Discussions are expected to cover ending the war, post-war security arrangements and measures to reduce tensions. 

Conclusion 

Crude oil prices remain sensitive to developments in the Middle East, particularly military activity involving the US and Iran. The progress of peace negotiations and shipping conditions through the Strait of Hormuz will remain important factors for global oil markets. 

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