Oil prices rose on Tuesday after the United States reportedly struck Iran’s Qeshm Island late Monday, one day before the midterm elections. Brent crude gained 1.75% to $106.60 a barrel, while West Texas Intermediate increased 1.7% to $98.10. The advance followed a more than 7% drop on Monday, when the U.S. and Iranian presidents signaled their openness to a diplomatic solution to the war against Iran. Washington has apparently conducted limited strikes against Iran in recent weeks, but the Trump administration is also promoting a possible diplomatic resolution to the conflict. High oil prices have contributed to inflation and higher gasoline costs in the United States, a major concern for Donald Trump ahead of the midterm elections.
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