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GeopoliticsMediumUpdated×4•Originally published 3 November 2026•Updated 3 November 2026•
3 min read

Brent rises 0.3% after US strikes on Iran’s Qeshm Island

Key Facts

1Brent crude rose 0.3% to 105.40 dollars per barrel.
2West Texas Intermediate crude rose 0.5% to 96.93 dollars per barrel.
3Average oil flows through the Strait of Hormuz reached 20 million barrels per day in 2025.
4About 25% of global seaborne oil trade passed through the Strait of Hormuz in 2025.
5The release of the report for the week of 6 November was postponed to 12 November 2026 at 12:00 p.m. Eastern Time.

The United States attacked Iran’s Qeshm Island on Monday, the Wall Street Journal reported, citing US officials, while the Associated Press described the strikes as defensive and said they targeted Iranian sites in the Strait of Hormuz. Iranian media said explosions were heard on the island. The newspaper described the attack as the latest in a series of limited strikes Washington has secretly carried out against Iran in recent weeks. The strike raises military tensions in an area through which major oil and gas supplies pass, but the reports do not establish any disruption to shipping or energy flows. The published information gave no damage toll or details of the targets hit.

The attack came after President Donald Trump played down the prospect of returning to war with Iran after Tuesday’s midterm elections, according to the Wall Street Journal. The Associated Press said the last known US strikes before the current attack were carried out in early September. The agency added that thousands of US troops remained in waters off Iran as part of a naval blockade. A third aircraft carrier and thousands of additional troops were en route to the Middle East when the report was published. The picture therefore combines a new strike with US statements pointing to a lower likelihood of renewed war.

Alongside the escalation, indirect talks between Washington and Tehran were under way, according to the Associated Press. The agency reported, citing officials, that Qatari mediators held two rounds of talks with Iranian officials last week, with further rounds planned for this week. Vice President JD Vance expressed optimism about the possibility of a negotiated settlement, saying the administration would continue working toward one. Regional officials said a framework under discussion links Iran halting its attacks in the Strait of Hormuz to the United States lifting its blockade of Iranian ports. Officials in US-allied countries in the Middle East warned that further strikes could destabilize the region and prompt the Houthis to intensify attacks on Saudi Arabia and shipping in the Red Sea.

The strait is a vital route for energy trade: average flows of crude oil and petroleum products through it reached 20 million barrels per day in 2025, according to the International Energy Agency. The agency estimated that about 25% of global seaborne oil trade passed through the strait that year. It says options for transporting oil around the waterway are limited, with available capacity on alternative routes ranging from 3.5 to 5.5 million barrels per day. About 93% of Qatar’s liquefied natural gas exports and 96% of the UAE’s exports also pass through the strait, according to the agency’s estimates. Together, these flows account for 19% of global liquefied natural gas trade.

Separately, the Associated Press said the war had cost US taxpayers at least 47 billion dollars through 2 November 2026. The US weekly petroleum status report for the week of 6 November is scheduled for release on Thursday, 12 November, at 12:00 p.m. Eastern Time, after its timing was adjusted because of the Veterans Day holiday. The report is usually released on Wednesday at 10:30 a.m. Eastern Time, with specific exceptions. It does not measure global oil inventories, and the official release schedule does not establish any link between the inventory data and the strikes.