November 3, 2026: Global oil prices rose in early trading on Tuesday following reports of US military strikes on Iran’s Qeshm Island, renewing concerns over regional tensions and potential disruptions to energy shipments through the Strait of Hormuz.
Brent crude futures gained 48 cents, or 0.5%, to reach $105.25 per barrel at 6:04 a.m. Pakistan Standard Time.
US West Texas Intermediate (WTI) crude also increased by 47 cents, or 0.5%, to $96.93 per barrel during early trading.
The recovery followed a sharp decline in international oil prices on Monday, when Brent crude fell $8.66, or 7.63%, to settle at $104.77 per barrel.
The latest increase came after reports emerged of American strikes on Qeshm Island, located near the strategically important Strait of Hormuz.
The reported military action renewed concerns about escalating tensions between the United States and Iran and the potential impact on oil transportation routes.
The Strait of Hormuz is a critical passage for international energy shipments, making developments in the surrounding region particularly significant for global oil markets.
Any disruption to maritime traffic or energy supplies through the strait could affect international crude oil prices.
Tuesday’s early gains reflected renewed market concerns over regional security following the previous session’s substantial decline.