Oil Prices Edge Up Following US Strike on Iran's Qeshm Island

Oil prices experienced a slight increase in early Asian trading on Tuesday following reports that the United States launched an attack on Iran's Qeshm Island. This development raised concerns over a potential escalation in the ongoing eight-month conflict and its possible impact on the stability of oil supplies from the Middle East region. Brent crude futures rose by 48 cents, or 0.5%, reaching $105.25 per barrel by 01:04 GMT, while US West Texas Intermediate crude increased by 47 cents, or 0.5%, to $96.93 per barrel. Brent crude futures had closed Monday at $104.77 per barrel, down $8.66 or 7.63%. Reports indicated that the US strike on Qeshm Island was defensive in nature, aimed at preventing Iran from attacking commercial vessels in the Strait of Hormuz, according to US officials.