Oil prices edge higher after reported US strike on Iran’s Qeshm Island, reviving supply concerns​on November 3, 2026 at 2:05 am

In the wake of a US military strike on Qeshm Island, oil prices have seen a modest increase. This development raises alarms about potential conflict escalation, even as diplomatic dialogues persist. Both the US and Iran appear willing to engage in negotiations again, despite the failure of earlier talks. This situation continues to strain global energy supplies, particularly through the strategic Strait of Hormuz.