{"id":956396,"date":"2026-11-03T06:12:09","date_gmt":"2026-11-03T06:12:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/956396\/"},"modified":"2026-11-03T06:12:09","modified_gmt":"2026-11-03T06:12:09","slug":"oil-prices-bounce-back-following-reports-of-u-s-strikes-on-iran","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/956396\/","title":{"rendered":"Oil Prices Bounce Back Following Reports of U.S. Strikes on Iran"},"content":{"rendered":"

After shedding 7% yesterday, crude oil prices inched up earlier today following a Wall Street Journal report<\/a> about a U.S. strike on Iran\u2019s Qeshm Island.<\/p>\n

Brent crude<\/a> traded at $105.26 per barrel at the time of writing, and West Texas Intermediate<\/a> traded at $97.07 per barrel, after the WSJ cited unnamed U.S. officials as saying Iran\u2019s Qeshm Island became a target in what they said was the latest in a series of \u201c limited strikes Washington has secretly carried out\u201d over the past few weeks on Iran.<\/p>\n

The report counters earlier media coverage about continued diplomatic efforts to end the war that has caused the most severe disruption in global oil and gas supply in history. It also goes against coverage indicating President Trump was not determined to resume strikes on Iran.<\/p>\n

\u201cWe had a war with Iran. We won,\u201d Trump told media on Monday, as quoted by the Wall Street Journal. \u201cI don\u2019t know if you even call it a war because we haven\u2019t been doing any fighting for months.\u201d<\/p>\n

\u201cThe report added a degree of risk premium back into the oil price. Just when markets were starting to price in a more diplomatic path, this reminder of ongoing military activity has flipped the tone,\u201d Reuters quoted KCM Trade analyst Tim Waterer as saying earlier today.<\/p>\n

Indeed, hopes about a diplomatic solution to the conflict drove oil prices lower at the start of the week, as traders ignored Iran statements that all seven of its conditions would need to be met in order for a peace deal to be agreed, focusing instead on the very fact of talks being held\u2014between Iranian and Qatari officials.<\/p>\n

Some believe the war premium is already factored into prices and any future rally would only take place if physical oil supply gets disrupted additionally. \u201cUnless there is concrete evidence of further disruption to physical supplies or critical energy infrastructure, fresh headlines alone may struggle \u200cto sustain another rally,\u201d Phillip Nova\u2019s Priyanka Sachdeva said, as quoted by Reuters.<\/p>\n

By Irina Slav for Oilprice.com<\/p>\n

More Top Reads From Oilprice.com<\/p>\n","protected":false},"excerpt":{"rendered":"After shedding 7% yesterday, crude oil prices inched up earlier today following a Wall Street Journal report about…\n","protected":false},"author":2,"featured_media":956397,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[32475,45,49,48,7556,5897,202944,9891,15999,326809,172000,772,16724],"class_list":["post-956396","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-brent-crude","tag-business","tag-ca","tag-canada","tag-crude-oil","tag-iran","tag-iran-war","tag-oil-prices","tag-oil-supply","tag-qeshm-island","tag-strait-of-hormuz","tag-united-states","tag-wti"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/956396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=956396"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/956396\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/956397"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=956396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=956396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=956396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}