Oil prices rise in world market after US attack on Iran's Qeshm island
Fuel oil prices have started rising again in the international market. After news of a US attack on Iran's Qeshm island emerged, crude oil prices rose in the world market at the start of Tuesday (November 3).
At 1:04am GMT on Tuesday, the price of Brent crude in the international market rose by 48 cents, or 0.5 percent, to 105 dollars 25 cents a barrel.
At the same time, the price of West Texas Intermediate (WTI) in the US market rose by 47 cents, or 0.5 percent, to 96 dollars 93 cents a barrel.
Earlier, on Monday (November 2), fuel oil prices had fallen significantly in the international market. That day the price of Brent crude fell by 8 dollars 66 cents, or 7.63 percent, to 104 dollars 77 cents a barrel.
The US newspaper The Wall Street Journal, citing US officials, reported that American forces carried out repeated attacks early on Tuesday in southern Iran's Qeshm island and Bandar Lengeh.
The report said several US officials described the attack as a self-defence measure. They claimed the operation was carried out to limit Iran's capability to attack commercial ships in the Strait of Hormuz.
When tensions rise around the Strait of Hormuz, one of the world's most important energy transport routes, concerns grow over oil supplies in the international market. That is why fuel oil prices have turned upward again in the world market.
