Middle East tensions push global oil prices higher by over 3%

Global crude oil prices surged sharply on Monday (June 8) as escalating tensions in the Middle East fueled fears of potential supply disruptions.

According to Reuters, Brent crude rose by $3.20 to $96.24 per barrel, while US West Texas Intermediate (WTI) gained $2.87 to reach $93.41 per barrel. The increases represent gains of over 3% in percentage terms.

The spike follows renewed military escalation between Israel and Iran, including airstrikes and missile exchanges that have heightened geopolitical risks in the region. Explosions were reported in Tehran, Tabriz, and Isfahan following Israeli retaliatory strikes, further intensifying market concerns.

Analysts say the latest price surge reflects growing uncertainty over the security of key energy routes, particularly the Strait of Hormuz, through which a significant portion of global oil shipments pass.

Prices had eased slightly last Friday on hopes of de-escalation in Iran–US tensions, but the situation reversed sharply amid renewed conflict developments over the weekend.

Despite OPEC+ plans to increase production, market experts warn that ongoing geopolitical instability is likely to limit any immediate supply relief, keeping prices volatile in the near term.