United States strikes Iran's Qeshm Island as oil prices rise

The United States struck Qeshm Island in Iran's Strait of Hormuz on Monday, one day before midterm elections. Oil prices fell more than 7% on Monday after reports suggested the two countries might begin diplomatic talks. But after the strikes, prices rose sharply on Tuesday. Brent crude climbed 1.75% to $106.60 a barrel, and West Texas Intermediate rose 1.7% to $98.10. The Strait of Hormuz is a critical route for global oil shipments, so military action there worries energy markets. High oil prices have already pushed up fuel costs in the United States, which has become a political issue. US Gulf allies are reportedly preparing for the possibility of further American military operations against Iran.