# Oil prices rise after U.S. strikes Iran's Qeshm Island

> Crude climbs as Washington reportedly attacks Iranian territory, reversing a sharp sell-off from diplomatic signals the day before.
- Title: Oil prices rise after U.S. strikes Iran's Qeshm Island · CNBC
- Summary: Crude climbs as Washington reportedly attacks Iranian territory, reversing a sharp sell-off from diplomatic signals the day before. Oil prices rebounded…
- Keywords: oil prices, iran, united states, qeshm island, brent crude, west texas intermediate, military strikes, diplomacy, business, finance, Oil, prices
- Source: CNBC — https://cnbc.com/2026/11/03/oil-prices-climb-after-us-reportedly-strikes-irans-qeshm-island.html
- Author: Lim Hui Jie
- Published: 2026-11-03T06:41:07+00:00
- Read time: 1 min
- Topics: oil prices, iran, united states, qeshm island, brent crude, west texas intermediate, military strikes, diplomacy, business, finance
## Oil rebounds after U.S. strikes Iran
Brent crude rose one point seven five percent to one hundred six dollars sixty cents per barrel on Tuesday. West Texas Intermediate climbed one point seven percent to ninety eight dollars ten cents.
## U.S. reportedly attacks Qeshm Island
Washington attacked Iran's Qeshm Island late Monday, U.S. officials told The Wall Street Journal. The U.S. has been carrying out limited strikes against Iran in recent weeks, kept deliberately low-profile.
## Reversal after diplomatic signals
Oil prices had sold off over seven percent on Monday after the U.S. and Iranian presidents signaled they are open to a diplomatic solution to the Iran war. Tuesday's rebound reversed those losses.
## Trump administration pursues both paths
Vice President JD Vance told CNN the president and he both feel really good about the prospect of potentially coming to a negotiated settlement.

> The president and I both feel really good about the prospect of potentially coming to a negotiated settlement.
## Key takeaway

Oil prices rebounded after the U.S. reportedly struck Iran's Qeshm Island on Monday, reversing losses from diplomatic signals the previous day.