niuz

Oil prices cross $105 after US strikes on Iran’s Qeshm Island

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The National
“Oil prices cross $105 after US strikes on Iran’s Qeshm Island”

Oil prices edged higher on Tuesday after reports of a US strike on Iran’s Qeshm Island revived concerns about an escalation of the conflict and further disruption at the Strait of Hormuz. Brent, the benchmark for two thirds of the world’s oil , was trading 2.03 per cent higher at nearly $107 a barrel at 12.52pm UAE time. West Texas Intermediate, the gauge that tracks US crude was up 1.75 per cent to 98.15 a barrel. The gains followed a sharp slide on Monday, when both Brent and WTI plunged more…

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