Brent crude climbed as much as 2.5% to roughly $95.43 per barrel on June 8, 2026, after Iran launched ballistic missiles at Israel the night before. It was the first direct Iranian military strike since the April 2026 ceasefire, and markets responded exactly how you’d expect: with a sharp intake of breath and a rush to reprice risk.
West Texas Intermediate followed suit, rising approximately 2.3% to trade near $92.66, with intraday spikes touching 4-5% before settling down.
The bigger picture on oil and conflict
The broader conflict involving Iran, Israel, and the United States escalated significantly in early 2026, disrupting the strategic Strait of Hormuz, the narrow waterway through which roughly a fifth of the world’s oil passes daily.
During the worst of the escalation in March 2026, Brent crude blew past $100 and peaked at $120 per barrel. The April ceasefire brought prices back down, but the underlying tensions never actually resolved.
