Brent crude jumped over 4% to above $97 per barrel on June 8, 2026, peaking at $98.08, after military exchanges between Iran and Israel rattled global markets. Bitcoin, meanwhile, slid to approximately $62,900, erasing its weekend gains in a textbook risk-off move that dragged Ethereum and XRP down with it.
What happened and why oil spiked
The Iran-Israel military exchange on June 7-8 triggered immediate concerns about oil supply disruptions in the Middle East. Brent’s climb past $97 represents a significant move, with a 4% single-day surge in crude prices.
The spike did ease somewhat after Iran signaled a cessation of military operations. Markets recalibrated once the immediate threat of a broader conflict appeared to subside.
US President Donald Trump urged Israel to exercise restraint in response to the Iranian attacks.
