SINGAPORE: Global oil prices edged higher in early trading on Tuesday after reports that the United States had carried out strikes on Iran’s Qeshm Island in the strategically important Strait of Hormuz, raising fresh concerns over regional tensions and potential disruptions to energy supplies.
Thank you for reading this post, don't forget to subscribe!Brent crude futures rose 48 cents, or 0.5 per cent, to $105.25 a barrel by 06:04 Pakistan time. US West Texas Intermediate (WTI) crude gained 47 cents, also 0.5 per cent, to $96.93 a barrel.
The modest gains followed a sharp decline in oil prices on Monday, when Brent crude futures settled $8.66, or 7.63 per cent, lower at $104.77 a barrel.
According to US officials, Washington carried out what it described as limited defensive strikes on Qeshm Island. The action was reportedly aimed at countering threats from Iranian surface-to-air missiles against US assets and did not signal a resumption of major combat operations.
The strikes were initially reported by the Wall Street Journal. Iranian state media outlet IRNA had earlier reported several explosions on Qeshm Island, while Fox News, citing officials, said the US action followed Iranian fire targeting an American aircraft.
The latest developments have heightened uncertainty in global energy markets, as any escalation in the conflict around the Strait of Hormuz could threaten oil shipments through one of the world’s most critical energy transit routes.
