Oil prices rise after report of US attack on Iran’s Qeshm Island

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Oil prices rose in early trade on Tuesday following a report that the US has struck Iran’s Qeshm Island. Brent crude futures gained 48 cents, or 0.5 percent, to reach $105.25 a barrel as of 01:04 GMT, reports Al Jazeera.

US West Texas Intermediate (WTI) crude went up 47 cents, also 0.5 percent, to $96.93.

The gains came after oil settled lower on Monday, according to market data.

Brent futures had settled $8.66, or 7.63 percent, lower, at $104.77 a barrel on Monday.

The United States attacked Iran's Qeshm Island on Monday, the Wall Street Journal reported, as President Donald Trump signaled progress in negotiations with Tehran to end the eight-month-old conflict.

Citing unnamed US officials, the Journal described the strike on Qeshm, the largest island in the Strait of Hormuz, as the latest in a series of limited attacks Washington had secretly carried out against Iran in recent weeks.

Iran's state news agency IRNA reported that five explosions were heard in rapid succession on the island, while some residents reported seeing two aircraft flying overhead.

The Pentagon referred questions about the reported strikes to US Central Command, which did not immediately respond to an AFP request for comment late Monday.