US Strikes on Qeshm Island Push Oil Prices Past $105 Amid Geopolitical Tensions

Oil prices saw an uptick on Tuesday following reports of a United States strike on Iran "The US strike on Iran's Qeshm Island has reignited concerns about potential conflict escalation and further disruptions to the Strait of Hormuz, a critical global oil chokepoint. This event occurs amidst the US midterm elections and amid ongoing diplomatic efforts with Iran, creating uncertainty for oil prices and supply conditions."The Strait of Hormuz, which accounts for about a fifth of global crude oil and natural gas supplies, was previously impacted by strikes in late October, driving oil prices to a six-month high.