Brent Crude Oil Price: $106 Tuesday After Monday’s…
By Tobi Opeyemi Amure
AI summary of the source article
Brent crude traded near $106 a barrel on Tuesday, rebounding slightly after falling 7.6% to $104.77 on Monday. The swings followed signs of US-Iran diplomacy and subsequent reports of a US military strike on Iran's Qeshm Island.
Why it matters
Until ships move through it again, any break in the talks can send prices back up quickly.
Key facts
- Brent crude settled at $104.77 on Monday, dropping 7.63%, before trading near $106 on Tuesday.
- Monday's decline followed statements indicating Iranian authority to pursue peace talks, while Tuesday's rebound followed reported US strikes on Qeshm Island.
- Traffic through the Strait of Hormuz, which normally carries about one-fifth of global crude and natural gas supplies, remains sharply reduced.
Source excerpt · FinanceFeeds
Updated 3 November 2026. Brent crude is trading near $106 a barrel on Tuesday, up about 1.1 percent (Trading Economics, 3 November), after Monday's 7.6 percent plunge to a $104.77 settlement on signs of US-Iran diplomacy (CNBC). Oil is recovering only part of that loss after the Wall Street Journal reported, citing US officials, that the US struck Iran's Qeshm Island in the Strait of Hormuz. Verdi…