Brent crude rose above $106 per barrel on Tuesday, recouping part of the previous session’s losses after reports of a US strike on Iran’s Qeshm Island. The reported attack appears to be the latest in a series of limited military operations allegedly conducted by Washington while diplomatic negotiations continue.
The move followed Monday’s steep drop of more than 7% in the international oil benchmark, after signs of progress in US-Iran talks eased fears of further supply disruptions. Iran’s Foreign Ministry spokesperson Esmail Baghaei said that “the ball is in the US court” regarding a possible agreement to end the conflict, while US President Donald Trump asserted in a social media post that Tehran was eager to reach a settlement as quickly as possible.
These developments come as the US midterm elections begin, with the Trump administration and the Republican Party facing mounting political pressure over rising energy costs linked to the Iran conflict.
