Escalating Middle East Tensions Push Global Oil Prices Higher

Global oil prices rose sharply on Monday, following renewed mutual shelling between Iran and Israel, reigniting concerns over energy supply security in the Middle East. This prompted investors to buy oil in anticipation of new regional disruptions. Brent crude climbed on (June 8, 2026) to over $96 per barrel, recording gains exceeding 3% during trading, while West Texas Intermediate (WTI) crude also rose to surpass $93 per barrel. Brent traded around $96.5 per barrel Monday morning, after declining late last week due to hopes of political de-escalation. This surge came after Israel launched new strikes inside Iran in response to missile attacks, escalating tensions and threatening political efforts to reduce regional strain. The renewed confrontation sparked market fears regarding the conflict's impact on navigation and oil supplies from the Gulf.