Oil Rises on Fresh US Strikes Against Iran

2026-11-03 07:04 By Jam Kaimo Samonte 1 min. read

Crude oil climbed above $98 per barrel on Tuesday, recovering some of the previous session's losses following reports of a US attack on Iran's Qeshm Island.

The reported strike appears to mark the latest in a series of limited military operations allegedly carried out by Washington while diplomatic negotiations remain ongoing.

This follows a sharp decline of more than 6% in the US oil benchmark on Monday, after signs of progress in US-Iran talks eased concerns over further supply disruptions.

Iran's Foreign Ministry spokesperson Esmail Baghaei stated that "the ball is in the US court" regarding a potential agreement to end the conflict, while US President Donald Trump claimed in a social media post that Tehran was eager to reach a settlement as soon as possible.

These developments come as the US midterm elections get underway, with the Trump administration and Republican Party facing increasing political pressure over rising energy costs associated with the Iran conflict.



News Stream
Crude Rebounds as Middle East Tensions Persist
Crude oil rebounded slightly to near $97 a barrel on Tuesday after plunging more than 7% in the previous session. Reports indicated that the US and Iran remained far from reaching a deal to end their war, while mediator Qatar stepped up efforts to bridge differences and avert renewed escalation after the US midterm elections. Overnight, the US reportedly carried out defensive strikes on Iran, targeting surface-to-air missiles used against US assets. The strikes appeared limited and did not signal a return to major combat operations. Meanwhile, US President Trump renewed threats of possible military action. Qatari mediators traveled to Tehran on Monday night to discuss a version of a draft US-Iran deal that had been under consideration. The secretary of Iran’s National Security Council later said the US response to Iran's demands “was not convincing.” Still, Qatar’s Foreign Ministry spokesperson said both the US and Tehran were reviewing proposals put forward by mediators.
2026-11-03
Crude Oil Extends Losses to 3-Week Low
Crude oil fell below $96 a barrel on Tuesday, reaching a three-week low and extending the previous session’s 7.4% decline. Prices reversed earlier gains as President Donald Trump announced that Washington would end its financial support for Israel by year-end, following an agreement with Prime Minister Benjamin Netanyahu to discontinue the $4 billion aid programme. Trump said Israel no longer needed the assistance, although the US would remain willing to provide other forms of support. Also, US Energy Secretary Chris Wright said overnight attacks on Iran’s Qeshm Island had not affected oil flows, while indicating that additional refined products would be supplied from the Persian Gulf and India. Meanwhile, Iran signaled greater flexibility towards diplomacy, with President Masoud Pezeshkian saying Supreme Leader Mojtaba Khamenei had authorized discussions on issues previously considered non-negotiable.
2026-11-03
Oil Rises on Fresh US Strikes Against Iran
Crude oil climbed above $98 per barrel on Tuesday, recovering some of the previous session's losses following reports of a US attack on Iran's Qeshm Island. The reported strike appears to mark the latest in a series of limited military operations allegedly carried out by Washington while diplomatic negotiations remain ongoing. This follows a sharp decline of more than 6% in the US oil benchmark on Monday, after signs of progress in US-Iran talks eased concerns over further supply disruptions. Iran's Foreign Ministry spokesperson Esmail Baghaei stated that "the ball is in the US court" regarding a potential agreement to end the conflict, while US President Donald Trump claimed in a social media post that Tehran was eager to reach a settlement as soon as possible. These developments come as the US midterm elections get underway, with the Trump administration and Republican Party facing increasing political pressure over rising energy costs associated with the Iran conflict.
2026-11-03