Oil prices surge more than $4 amid renewed Israeli strikes on Iran
Key takeaways
- Oil prices surge more than $4 amid renewed Israeli strikes on Iran The Strait of Hormuz is a key transit route for around 20% of global oil and LNG.
- As of 06:09 GMT, Brent crude was trading at $97.15/bbl, up $4.42, or 4.47%, compared to the previous trading session s closing price.
- The increase in prices comes after Israel confirmed on Monday that it had targeted a petrochemical plant in south-west Iran as well as hitting other military locations.
Oil prices surge more than $4 amid renewed Israeli strikes on Iran The Strait of Hormuz is a key transit route for around 20% of global oil and LNG. Credit: Photo Magistr/Shutterstock.com. · Offshore Technology · Photo Magistr/Shutterstock.com. Shree Mishra Mon, June 8, 2026 at 6:02 PM GMT+7 3 min read CL=F Oil prices climbed by more than $4 per barrel (bbl) on Monday 8 June following renewed Israeli strikes on Iran and attacks on Lebanon, triggering concerns among investors over the stability of supply from the Middle East.
As of 06:09 GMT, Brent crude was trading at $97.15/bbl, up $4.42, or 4.47%, compared to the previous trading session s closing price. Meanwhile, US crude rose by $4.07, or 4.50%, to $94.61/bbl, reported Reuters.
The increase in prices comes after Israel confirmed on Monday that it had targeted a petrochemical plant in south-west Iran as well as hitting other military locations. This marks the first strike on an Iranian energy facility since the ceasefire agreed on 8 April.