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Oil prices rise after report of US strikes on Iran's Qeshm Island

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⚡ Instant Key Takeaways (TL;DR)
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Core Development: Oil prices rise after report of US strikes on Iran's Qeshm Island
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Market & Financial Impact: Brent crude futures rose 48 cents, or ‌0.5%, to $105.25 a barrel by 0104 GMT while US West Texas Intermediate crude was up 47 cents, or 0.5%, at $96.93 a barrel
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Actionable Insight: Monitor price volume action at market open; check key technical support/resistance levels.

The United States struck Iran's Qeshm Island, the Wall Street Journal reported, citing US officials

Oil prices rose in early Asian trade on Tuesday after a report that the United States had struck Iran's Qeshm Island, ​raising concerns about an escalation of the eight-month conflict and prolonged ​disruptions to Middle East oil supplies.

Brent crude futures rose 48 cents, or ‌0.5%, to $105.25 a barrel by 0104 GMT while US West Texas Intermediate crude was up 47 cents, or 0.5%, at $96.93 a barrel.

Brent crude futures settled $8.66, or 7.63%, lower to $104.77 a barrel on Monday.

The United States struck Iran's Qeshm Island, the Wall Street Journal reported, citing US officials. Some of the officials described the assaults as defensive in nature to prevent Iran from having the freedom to attack commercial ships in the Strait of Hormuz.

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Official Publisher Attribution: This report is aggregated from Business Standard. ZeroLive provides live aggregation, automated sentiment synthesis, and exchange disclosure monitoring for retail market participants.
Read Original Full Coverage on Business Standard ↗
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