Key points: On Tuesday, Brent crude rose 0.97% to $105.77 per barrel, while West Texas WTI crude also gained 0.97% to $97.41 per barrel.
Just one day before the oil price rebound, the presidents of the United States and Iran signaled their willingness to resolve the Iran war crisis through diplomatic channels.
US officials disclosed that the American military struck Iran's Qeshm Island on Monday and stated that the United States has been conducting "limited strikes" against Iran in recent weeks.
On October 5, 2026, oil storage tanks at a fuel depot near LaGuardia Airport in Queens, New York.
One day before the midterm elections, reports emerged that the US military attacked Iran's Qeshm Island on Monday evening, driving international oil prices higher on Tuesday.
Brent crude rose 1.75% on Tuesday to $106.60 per barrel, while West Texas WTI crude gained 1.7% to $98.10 per barrel.
Just one day before the oil price rebound, the presidents of the United States and Iran expressed willingness to resolve the Iran conflict through diplomatic means; driven by expectations of diplomatic easing, oil prices had briefly plunged more than 7% on Monday.
But before this latest escalation, market concerns that the United States would further strike Iran after the midterm elections had pushed Brent crude to its highest level since 2022.
US officials revealed that the American military launched an attack on Qeshm Island on Monday and said the US side has continued to carry out "limited strikes" against Iran in recent weeks.
The report cited anonymous officials as saying that the US side deliberately kept its military actions against Iran low-profile to avoid sending signals that the conflict would escalate on a large scale.
Despite carrying out the strikes, the Trump administration is still actively promoting the possibility of a diplomatic resolution to the conflict.
US Vice President J.D. Vance said in an interview with CNN: "The President and I are both optimistic about the prospect of reaching a settlement through negotiations."
US Secretary of State Marco Rubio said on Sunday that President Trump wants to end the conflict and prioritizes not using military means.
High oil prices have significantly driven up US inflation and domestic gasoline prices, which has become a major thorny issue for the Trump administration as the midterm elections approach.
Some views suggest that interest rates need to be raised further to curb inflation.
Rate hikes typically suppress economic growth and increase household costs, but they can have the effect of lowering inflation.
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