Oil prices climb after U.S. strikes Iran's Qeshm Island

Oil prices climbed after U.S. forces struck Iran's Qeshm Island, reversing a dip that followed signals from both Washington and Tehran that they were open to a diplomatic resolution to the conflict. The rebound came a day after the U.S. and Iranian presidents publicly indicated willingness to pursue negotiations, underscoring how quickly sentiment can shift on escalation headlines. The strike on Qeshm Island, in the Strait of Hormuz region, heightened supply-risk concerns for a waterway that handles roughly a fifth of global oil shipments. Traders are watching for follow-up strikes, any Iranian retaliation against shipping or regional energy infrastructure, and whether diplomatic channels remain open despite the military action.