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2026-11-03T07:38:59.000Z

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Oil jumps on Iran attack

Oil jumps on Iran attack

Oil prices rose more than 2% in Asian trading on Tuesday, November 3, 2026, following reports of a U.S. strike on Iran’s Qeshm Island, stoking fears of an escalation in the conflict and disruptions to Middle Eastern supplies. Brent crude rose 2.2% to $107.07 a barrel, while West Texas Intermediate gained 2.16% to $98.54. An analyst at KCM Trade said the reports added a risk premium to prices, after markets had been pricing in the possibility that the conflict would take a diplomatic path.

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