“Oil prices cross $105 after US strikes on Iran’s Qeshm Island”

Key points

• Oil prices edged higher after reports of a US strike on Iran's Qeshm Island.
• Brent traded near $107 a barrel; WTI rose to $98.15 at 12.52pm UAE time.
• Monday saw a sharp slide with Brent at $104.77 and WTI at $96.46.
• Iranian state media reported explosions on Qeshm Island, at Hormuz's mouth.
• Analysts cited renewed uncertainty and potential supply disruptions amid midterm elections.