Oil rises after reported US strike on Iran's Qeshm Island

Oil prices rose in early Asian trading on Tuesday after reports that the United States had struck Iran’s Qeshm Island, reviving concern that conflict could further disrupt energy supplies through the Strait of Hormuz. The reported operation was attributed to US officials, and its details have not been independently established in the accounts reviewed. Brent crude futures were reported at $105.25 a barrel at 0104 GMT, up 48 cents, or 0.5%. US West Texas Intermediate crude was at $96.93, up 47 cents, also a 0.5% gain. A later early-trading report put Brent at $105.38 and WTI at $97.17, describing gains of 0.58% and 0.73%, respectively. The rise followed a sharp fall in the previous session. Brent settled Monday at $104.77 a barrel, down $8.66. Reports described the decline as either 8.66% or 7.63%; those percentages are compatible with different calculations of the same dollar move. Brent had ended October at its highest level in six months. The Wall Street Journal reported, citing US officials, that US forces struck Qeshm Island on Monday. Officials described the attacks as defensive measures intended to limit threats to commercial shipping in the Strait of Hormuz. The...