Key facts
- US forces struck Iran's Qeshm island in the Strait of Hormuz, an action officials described as defensive, per the Reuters report.
- Crude oil prices fell about 7% during Monday's session on peace talk mediation reports, then edged back up after the strikes.
- The Reserve Bank of Australia raised its cash rate by 25 basis points to 4.85%, its fifth increase of the year.
- Apple's earnings and iPhone sales beat forecasts, but its shares fell after hours as it flagged falling margins.
- Intel shares fell almost 30% on Friday, a move the report said was still affecting chip stocks.
Energy markets were caught out by reports of US military strikes on Iran's Qeshm island in the Strait of Hormuz, according to a Reuters report published on November 3, 2026. The strikes came after multiple reports on Monday of peace talk mediation that had sent crude oil prices down about 7% during the day. Officials described the strikes as defensive, the report said, without naming them. Crude prices edged back up a little after the strikes.
The report said the strikes throw some doubt on whether further bombing or moves toward negotiations prevail once the election is done. It did not date the strikes or the oil price move, and gave no detail on the scale of the strikes or their effect on oil supply or shipping through the Strait of Hormuz.
The report also covered the Reserve Bank of Australia's decision to lift its cash rate by 25 basis points to 4.85%, its fifth increase of the year, and its removal of a reference to further increases if needed. Apple's earnings and iPhone sales beat forecasts after the US close, but its shares fell out of hours as it flagged falling margins amid chip input price pressures. Intel shares fell almost 30% on Friday, a move the report said was still being felt in chip stocks.