Brent crude climbed to $106.60 per barrel and West Texas Intermediate rose to $98.10 following the strikes, reversing a 7% sell-off that had been spurred by earlier diplomatic signals. U.S. officials confirmed the operation was part of a series of low-profile actions designed to keep tensions contained. Despite these military measures, Vice President JD Vance and Secretary of State Marco Rubio reiterated the administration's public preference for a negotiated diplomatic end to the war. Elevated fuel prices continue to threaten economic stability as central bankers weigh growth-slowing rate hikes.
Key points
The White House faces mounting political pressure from elevated gasoline prices and consu…: The White House faces mounting political pressure from elevated gasoline prices and consumer inflation ahead of the midterm elections.
U.S. military strategy has relied on low-profile strikes to prevent signaling a major esc…: U.S. military strategy has relied on low-profile strikes to prevent signaling a major escalation in the conflict.
Anticipated Federal Reserve interest rate hikes aimed at cooling energy-driven inflation…: Anticipated Federal Reserve interest rate hikes aimed at cooling energy-driven inflation risk slowing overall economic growth.
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Oil prices climbed on Tuesday after the U.S. reportedly struck Iran's Qeshm Island late Monday, one day before the midterm elections.
Brent crude was up 1.75% on Tuesday at $106.60 per barrel, while West Texas Intermediate was up 1.7% to $98.10.
Oil prices rebounded a day after the U.S. and Iranian presidents signaled they are open to a diplomatic solution to the Iran war, which saw oil prices sell off over 7% on Monday.
But before this development, Brent prices were at their highest since 2022, as fears of further U.S. strikes on Iran after the midterms mounted.
Washington attacked Iran's Qeshm Island on Monday, U.S. officials told The Wall Street Journal, adding that the U.S. has been carrying out "limited strikes" against the country in recent weeks.
The military campaign against Iran has been kept deliberately low-profile to avoid signaling plans for a major escalation in fighting, the report said, quoting an unnamed official.
But despite these strikes, the Trump administration has also been touting a possible diplomatic solution to the conflict, with Vice President JD Vance telling CNN,…
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