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Oil prices edged higher in Asian trade on Tuesday after falling sharply the previous session, as a reported U.S. strike on Iran's Qeshm Island in the Strait of Hormuz revived supply concerns. Brent rose 0.3% to $105.4 a barrel and WTI gained 0.5% to $96.93.
The strike was reportedly part of a series of limited U.S. attacks while Iranian and Qatari-mediated talks continue.
Renewed Hormuz risk adds a geopolitical premium back into crude, which feeds energy and fertilizer costs and supports diesel and freight costs for feed ingredient supply chains. Without a durable deal, the price direction remains volatile.
au.investing.comAyushman OjhaNov 3, 2026
cnbc.comLim Hui JieNov 3, 2026cnbc.comReutersNov 3, 2026
moneycontrol.comReutersNov 3, 2026
thenationalnews.comShweta JainNov 3, 2026
za.investing.comAyushman OjhaNov 3, 2026After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
