Oil rises as peace prospects dim after US hits Iran’s Qeshm Island
- Oil prices rose over $1 following US military actions against Iran's Qeshm Island, sparking concerns about escalating hostilities and energy supply risks.
- US West Texas Intermediate crude increased to $98.06 per barrel, while Brent crude reached $106.61 per barrel as of Tuesday morning.
- Negotiations aimed at ending the US-Israeli conflict with Iran faltered after initial hopes were dashed, leading to a drop of over 7% in oil prices on Monday.
