Oil Prices Rise After US Strikes Iran's Qeshm Island

Crude oil prices rose on November 3, 2026, after US forces struck Qeshm Island, Iran, on November 2, then closed lower. WTI futures climbed $1.60 to $98.06 before closing at $96.09. Brent rose $1.84 to $106.61 by 07:44 GMT, settling at $103.60 per CNBC. The strikes hit radar and missile launchers. US officials called the operation a defensive response to Iranian interference in the Strait of Hormuz. Iran’s government rejected the action, stating that diplomacy based on coercion is unacceptable.