Business & Finance

Oil rises as U.S. reportedly strikes Iran's Qeshm Island ahead of midterms

Brent rose 1.75% to $106.60 a barrel after reported U.S. strikes on Iran's Qeshm Island.

Published Nov 3, 2026 · 13:47 UTC2 reports

The short version

Oil prices rose Tuesday after reports that the U.S. struck Iran's Qeshm Island late Monday, one day before U.S. midterm elections.[CNBC]
Brent crude rose 1.75% to $106.60 a barrel and WTI rose 1.7% to $98.10, while AP instead cites defensive strikes in the Strait of Hormuz.[Associated Press · CNBC]
Vice President JD Vance and Secretary of State Marco Rubio have said the administration prefers a negotiated settlement over military force.[CNBC]

According to U.S. officials cited by The Wall Street Journal, Washington hit Iran's Qeshm Island on Monday and has conducted restricted strikes against Iran in recent weeks.[CNBC]
Brent crude rose 1.75% to $106.60 a barrel on Tuesday, and West Texas Intermediate rose 1.7% to $98.10.[CNBC]
AP reported that oil prices climbed after U.S. defensive strikes on some Iranian targets in the Strait of Hormuz.[Associated Press]
Vice President JD Vance told CNN that he and President Trump are optimistic about a possible negotiated settlement.[CNBC]
Secretary of State Marco Rubio said on Sunday that President Trump would like to resolve the Iran war diplomatically and prefers to avoid military force.[CNBC]

Reports differ on where the U.S. strikes occurred, with CNBC citing Qeshm Island and AP citing Iranian targets in the Strait of Hormuz.[Associated Press · CNBC]
The Qeshm Island strike is attributed to U.S. officials through The Wall Street Journal and is described as reported rather than officially confirmed in the provided reporting.[CNBC]

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.