DID Press: Oil prices rose in early trading on Tuesday, November 3 (12 Aqrab), following the publication of a report alleging a US attack on Iran’s Qeshm Island.
According to market data, Brent crude rose by 48 cents, or 0.5%, to $105.25 per barrel. US West Texas Intermediate (WTI) crude also gained 47 cents, or 0.5%, trading at $96.93 per barrel.
The increase came after oil prices recorded a significant decline at the close of trading on Monday. Brent crude fell by $8.66, or 7.63%, to settle at $104.77 per barrel.
Recent military developments in the region and reports of an attack on Qeshm Island have been cited as factors influencing fluctuations in global oil prices.