SENSEX
NIFTY
GOLD
USD/INR

Weather

image 29    C

Global Business News

The Economic Times

Global Business / The Economic Times

details

Oil rises after report of US strike on Iran's Qeshm Island

Oil prices have surged in reaction to reports of a US strike on Iran's Qeshm Island, sparking fears of significant supply interruptions. Previous drops in prices on Monday have been overshadowed by this escalation, reinstating a risk premium in the market. Diplomatic negotiations between Iran and the US, facilitated by Qatar, ended without notable advancement, while looming midterm elections exacerbate tensions in the Middle East, affecting global oil costs.

3 Nov 2026 7:37 am