OIL RISES AS PEACE PROSPECTS DIM AFTER U.S . HITS IRAN QESHM ISLAND

What happened: Oil prices rose more than US$1 on Tuesday after a U.S. strike on Iran's Qeshm Island and an Iranian official saying a deal to end the war was far off. Key numbers: WTI up US$1.6, or 1.66 per cent, at US$98.06 a barrel. Brent up US$1.84, or 1.76 per cent, at US$106.61. Both benchmarks had dropped more than 7 per cent on Monday. Why it matters: Analysts said the report added a risk premium back into oil prices, flipping the tone just as markets were starting to price in a more diplomatic path. Coverage: 7 outlets in 24h

Oil prices rose more than US$1 on Tuesday after a U.S. strike on Iran's Qeshm Island and an Iranian official saying a deal to end the war was far off.

Analysts said the report added a risk premium back into oil prices, flipping the tone just as markets were starting to price in a more diplomatic path.