Oil prices rise and global stocks skid as Iran and Israel trade strikes in defiance of Trump
Brent crude rose $4.60 overnight as traders priced in higher supply risk and a longer conflict that could disrupt shipping through the Strait of Hormuz.
- On Monday, June 8, 2026, oil prices spiked after Iran and Israel exchanged strikes, with Brent crude briefly topping $98 a barrel before easing as Iran announced it was halting offensive operations.
- Hostilities resumed after Iran launched Sunday missile strikes in retaliation for Israeli attacks on Lebanon, shattering a fragile ceasefire that had held since April. Israel responded by striking military targets in western and central Iran.
- South Korea's Kospi index plunged over 8% on Monday, triggering a 20-minute trading halt, while Asian equities tumbled amid geopolitical instability. Investors simultaneously sold off AI-linked tech stocks following Friday's U.S. market declines.
- U.S. President Donald Trump urged restraint, insisting negotiations remain on track despite the escalation. Iran, however, continues to link any permanent peace deal to a lasting ceasefire in Lebanon.
- OPEC+ agreed to increase output targets by 188,000 barrels per day from July, marking the fourth consecutive hike. Analysts remain skeptical of the move's impact while the Strait of Hormuz remains effectively closed, restricting critical global energy supplies.
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153 Articles
Price movements were also influenced by new data from China, which indicates a significant decline in crude oil imports.
Oil Prices Spike As Iran And Israel Halt Attacks After Trump Warning
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Oil Pares Gains After Iran Says Attacks Against Israel Are Over
Oil prices pared back earlier rises on June 8 after Iran announced that its strikes against Israel were over. Iran said it had suspended military operations against Israel following a weekend exchange of missile strikes, but warned that any further Israeli attacks—including ongoing operations in southern Lebanon—would trigger a more severe response. During early trading on June 8, oil prices rose after investors reacted to the exchange of hostil…
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