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Oil prices rebounded Tuesday after the United States struck Iran’s Qeshm Island and a senior Iranian official said a deal to end the war remained distant, Reuters reported via Investing.com.
As of 2:44 a.m. EST on November 3, Brent crude futures were up $1.84, or 1.76%, at $106.61 a barrel, while U.S. West Texas Intermediate crude was up $1.60, or 1.66%, at $98.06, according to Reuters. These are the report’s early-morning prices, not quotes at this article’s publication time.
Both benchmarks had fallen more than 7% on Monday as talks involving Iranian and Qatari officials raised hopes for an end to the conflict, Reuters reported.
A U.S. official said Monday that the United States had struck Qeshm Island. Some officials described the attacks as defensive and intended to prevent Iran from attacking commercial ships in the Strait of Hormuz, according to Reuters.
On Tuesday, a senior Iranian official told Reuters that the two countries were far from an agreement and Tehran would not accept Washington’s “excessive demands.” The renewed military activity and uncertain diplomatic outlook kept risks to energy supplies in focus, the report said.
JBizNews Desk
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