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Oil prices rose on Tuesday after reports that the United States had bombed Iran’s Qeshm Island, stoking fears of an escalation in the conflict and disruptions to supplies across the Middle East. Futures climbed 0.82% to $105.60 a barrel, while West Texas Intermediate rose 0.9% to $97.32. Brent had closed Monday at $104.77, down 7.63%. The war threatens shipping through the Strait of Hormuz, which once carried about one-fifth of the world’s crude oil and natural gas supplies, even as Washington and Tehran continue talks on ending the conflict.
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