Brent Gains as Iran Fires Missiles Toward Israel

2026-06-07 23:36 By Jam Kaimo Samonte 1 min. read

Brent crude futures climbed above $96 per barrel on Monday, rebounding after two consecutive sessions of losses as Iran launched multiple rounds of missiles toward Israel, warning against further military actions in Lebanon and raising concerns over the durability of a fragile ceasefire amid stalled peace negotiations.

Israel's military said all incoming missiles were intercepted, with no casualties reported.

According to reports, President Donald Trump criticized Israel's strikes on Beirut and said he would urge Prime Minister Benjamin Netanyahu to avoid retaliatory action against Iran, while also calling on Tehran to resume negotiations.

Meanwhile, the protracted conflict and the ongoing near-closure of the Strait of Hormuz have cut off energy supplies from the Persian Gulf, keeping oil prices elevated.

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



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Brent Gains as Iran Fires Missiles Toward Israel
Brent crude futures climbed above $96 per barrel on Monday, rebounding after two consecutive sessions of losses as Iran launched multiple rounds of missiles toward Israel, warning against further military actions in Lebanon and raising concerns over the durability of a fragile ceasefire amid stalled peace negotiations. Israel's military said all incoming missiles were intercepted, with no casualties reported. According to reports, President Donald Trump criticized Israel's strikes on Beirut and said he would urge Prime Minister Benjamin Netanyahu to avoid retaliatory action against Iran, while also calling on Tehran to resume negotiations. Meanwhile, the protracted conflict and the ongoing near-closure of the Strait of Hormuz have cut off energy supplies from the Persian Gulf, keeping oil prices elevated. Separately, OPEC+ approved another increase in July oil production quotas of 188,000 barrels per day despite persistent supply risks linked to tensions in the Middle East.
2026-06-07
Brent Slips to $93
Brent crude oil futures slid 2% to around $93 per barrel on Friday as markets focused on signs of weaker global demand and the lack of a breakthrough in negotiations between Washington and Tehran. Although President Trump maintained that discussions with Iran are progressing, tensions remain elevated, with disagreements over Lebanon continuing to complicate efforts to secure a broader agreement. Concerns about consumption also weighed on prices after Chinese crude imports fell to their lowest level in ten years, reflecting reduced refinery activity and softer demand. Several analysts now expect global oil demand growth to slow significantly this year. Earlier gains driven by fears of prolonged disruptions in the Strait of Hormuz have faded somewhat, though uncertainty over the region remains high. In Oman, operations at the Mina Al Fahal export terminal were briefly disrupted by an explosion before resuming.
2026-06-05
Brent Drops on Friday, Heads for Weekly Gain
Brent crude oil futures fell to below $94 per barrel on Friday, extending a 2.8% fall in the previous session, as investors looked for signs of progress in US-Iran negotiations while uncertainty persisted over a ceasefire between Israel and Lebanon. President Donald Trump said talks with Tehran were progressing well, despite Iran-backed Hezbollah rejecting a US-brokered ceasefire proposal. Brent remains nearly 3% higher for the week after renewed clashes between US and Iranian forces dampened hopes for a deal that could restore flows through the Strait of Hormuz. Trump has since struck a more optimistic tone, saying the strait could reopen quickly if Iran agrees to a memorandum of understanding to halt hostilities. However, little concrete progress has emerged, with Israel’s continued operations in Lebanon remaining a key obstacle. Elsewhere, loadings at Oman’s Mina Al Fahal export terminal were temporarily delayed following an explosion, although operations later resumed.
2026-06-05