Oil rises after report of US strike on Iran\'s Qeshm Island
Oil prices rose in early Asian trade on Tuesday after a report that the United States had struck Iran’s Qeshm Island, raising concerns about an escalation of the eight-month conflict and prolonged disruptions to Middle East oil supplies. Brent crude futures rose 48 cents, or 0.5%, to $105.25 a barrel by 0104 GMT while US West Texas Intermediate crude was up 47 cents, or 0.5%, at $96.93 a barrel. Brent crude futures settled $8.66, or 7.63%, lower to $104.77 a barrel on Monday.