Brief by Shorts91 Newsdesk / 05:15am on 03 Nov 2026,Tuesday Business
Crude oil prices surged after reports of a US strike on Iran’s Qeshm Island raised fresh concerns about escalating conflict and possible supply disruptions through the Strait of Hormuz. Brent crude was trading near $105 per barrel at the time of publication. Iranian state media reported multiple explosions on the island, while the Islamic Revolutionary Guard Corps claimed to have shot down three US drones near the strait. The conflict, which began in late February, has sharply reduced shipping traffic through the strategic waterway, previously responsible for about one-fifth of global crude oil and natural gas supplies. Rising energy costs have increased pressure on US President Donald Trump to end the conflict. (PC: Times Now)
