Oil prices rose by more than $1 per barrel on Tuesday after US forces struck Iran’s Qeshm Island, raising concerns about further escalation and potential disruptions to energy supplies. Brent crude gained 1.76% to $106.61 per barrel, while US West Texas Intermediate (WTI) rose 1.66% to $98.06. However, the gains followed a sharp 7.6% drop in Brent crude on Monday. The selloff came after Iran’s president said the supreme leader had given the government more room to negotiate a deal with the US, raising hopes of reduced tensions.
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