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FrontRow · Nov 3, 2026

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Oil prices climbed on Tuesday after the U.S. reportedly struck Iran's Qeshm Island late Monday, one day before the midterm elections. Brent crude was up 1.75% on Tuesday at $106.60 per barrel, while West Texas Intermediate was up 1.7% to $98.10. Oil prices rebounded a day after the U.S. and Iranian presidents signaled they are open to a diplomatic solution to the Iran war, which saw oil prices sell off over 7% on Monday. But before this development, Brent prices were at their highest since 2022, as fears of further U.S. strikes on Iran after the midterms mounted.

Oil prices climbed on Tuesday after the U.S. reportedly struck Iran's Qeshm Island late Monday, one day before the midterm elections. Brent crude was up 1.75% on Tuesday at $106.60 per barrel, while West Texas Intermediate was up 1.7% to $98.10. Oil prices rebounded a day after the U.S. and Iranian presidents signaled they are open to a diplomatic solution to the Iran war, which saw oil prices sell off over 7% on Monday. But before this development, Brent prices were at their highest since 2022, as fears of further U.S. strikes on Iran after the midterms mounted.

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