Oil Jumps as Iran and Israel Exchange Missile Strikes

2026-06-08 06:53 By Jam Kaimo Samonte 1 min. read

WTI crude futures jumped more than 4% to above $94 per barrel on Monday, rebounding from a two-session decline after Iran and Israel exchanged missile strikes, threatening to derail President Trump's efforts to secure a new 60-day ceasefire with Tehran.

The proposed truce is intended to pave the way for broader negotiations aimed at ending the conflict permanently.

Trump also called on both sides to avoid further military action and reiterated that negotiations remain ongoing despite the renewed hostilities.

Meanwhile, the prolonged conflict and the continued near-closure of the Strait of Hormuz have disrupted energy supplies from the Persian Gulf, providing ongoing support to oil prices.

Separately, OPEC+ approved another increase in July oil production quotas of 188,000 barrels per day despite persistent supply risks stemming from tensions in the Middle East.



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