World

Oil rises as peace prospects dim after US hits Iran’s Qeshm Island

BENGALURU: Oil prices rose more than $1 on Tuesday, as an Iranian official said a deal ‌to the end the war was far off, while the US struck Iran’s Qeshm Island, fuelling concerns over the escalation of hostilities and risks to energy supplies. US West Texas Intermediate crude was up $1.6, or 1.66 percent, at $98.06 a barrel while Brent ​crude futures rose $1.84, or 1.76 percent, to $106.61 a barrel by 10:44 a.m. Saudi time. Both benchmarks had dropped more than 7 percent ​on Monday as talks betw