India, Nov. 3 -- Oil prices rose on Tuesday after the United States reportedly carried out strikes on Iran's Qeshm Island late Monday. The development came just one day before the US midterm elections.

Brent crude oil prices increased 1.75% to $106.60 per barrel on Tuesday. Meanwhile, West Texas Intermediate (WTI) crude prices rose 1.7% to $98.10 per barrel, CNBC reported.

The rise came a day after oil prices fell sharply. Brent and other oil prices dropped more than 7% on Monday after US President Donald Trump and Iranian President signalled that they were open to finding a diplomatic solution to the Iran war.

Before Monday's fall, Brent crude prices had reached their highest level since 2022. This happened as concerns grew that the U...