Oil rises after US strike on Iran's Qeshm island
The gist
Brent rose 1.8% to about $106.6 a barrel after US strikes on Iran's Qeshm island.
The market swings on war headlines, so pump prices and shipping costs stay exposed.
How it unfolded
- Oct 29, 2026Petrobras, the Brazilian state oil company, reports a third oil discovery at the Morpho well in the FZA-M-59 block off Amapá state, in 2,886 meters of water.
- Oct 29, 2026BCA Research notes Brent has risen 11% over the past month and 32% over three months.
- Nov 2, 2026Brent closes at $104.77 (−$8.66, −7.63%) and WTI at $96.46, both losing more than 7% on talks between Iranian and Qatari officials.