Oil Prices Rebound As US Strikes Iran's Qeshm Island
(RTTNews) - Oil prices rebounded on Tuesday after a reported U.S. attack on Qeshm Island on the eve of crucial midterm elections.
Brent crude futures rose 1.8 percent to $106.62 a barrel after slumping 7.6 percent in the previous session on signs of diplomatic progress between the U.S. and Iran.
WTI crude futures were up 1.6 percent at $97.98 a barrel on heightened fears of Middle East escalation.
The United States reportedly struck Iran's strategic Qeshm Island in the Strait of Hormuz on Monday, the latest in a series of limited strikes on the country in recent weeks.
The Wall Street Journal reported that the U.S. military carried out the strikes, which were defensive and aimed at restricting Iran's ability to attack commercial shipping in the Strait of Hormuz.
Iran's parliament speaker and chief negotiator in talks with the United States, Mohammad Bagher Ghalibaf, said that "the ball is in the U.S. court" to prevent war and that Tehran remains prepared for both diplomacy and military confrontation.
On Monday, U.S. President Donald Trump signaled progress in negotiations while Iran said its offer to reopen the Strait of Hormuz can be implemented in two days if the U.S. agrees to terms.
U.S. Vice President JD Vance said he and Trump were optimistic about securing a deal with Iran.
Iranian President Masoud Pezeshkian said his government has been granted more authority by the country's supreme leader Mojtaba Khamenei to pursue peace talks.
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