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Oil prices rise nearly 1% after U.S. strikes Iran's Qeshm Island amid talks of diplomacy.

Market News
03 Nov 2026, 08:41 WIB
CNBC
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Bearish
Oil prices rise nearly 1% after U.S. strikes Iran's Qeshm Island amid talks of diplomacy.

Oil prices climbed about 0.97% on Tuesday, with Brent crude reaching $105.77 per barrel and West Texas Intermediate at $97.41, following U.S. strikes on Iran's Qeshm Island. This increase came after a sharp drop triggered by signals from U.S. and Iranian leaders about potential diplomatic solutions to their conflict. Despite ongoing limited U.S. military strikes aimed at avoiding major escalation, officials emphasize a preference for negotiation. The situation remains critical as high oil prices impact inflation and gasoline costs in the U.S., influencing economic and political dynamics ahead of midterm elections.

Oil prices climbed following U.S. strikes on Iran's Qeshm Island, with Brent crude at $105.77 and WTI at $97.41 per barrel as of Nov 03, 2026 10:21 WIB. For readers following the Energy sector, here is Pluang's market snapshot: out of 79 priced US Energy stocks, only 6 rose while 73 fell. Notably, Kosmos Energy Ltd. shares dropped 13.33% to USD 2.47 with a typical hold time of 2 days, Venture Global Inc. declined 12.37% to USD 12.96, and Liberty Energy Inc. fell 12.20% to USD 14.82 with a 9-day hold time and 100% sell order activity.

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