Oil Prices Surge by 5% Amid Iran-Israel Conflict

Oil prices rose amid increasing tensions in the Middle East on Monday (8/6/2026). The ‘black gold’ is heating up as Iran and Israel launch mutual attacks, heightening concerns over the collapse of the ceasefire previously brokered by the United States.

International benchmarks saw Brent crude futures for July rise by 5.1% to US$97.83 per barrel, while US West Texas Intermediate (WTI) crude futures for August climbed 4.48% to $94.85 per barrel.

Earlier, the Israeli Air Force struck military targets in western and central Iran on Monday local time. This follows an Iranian missile attack on Israel on Sunday, which was launched in response to Zionist actions in Lebanon and Gaza.

US President Donald Trump has reportedly requested that Prime Minister Benjamin Netanyahu exercise restraint. Speaking in an interview with Fox News, Trump stated that the missile attacks ‘certainly will not help negotiations.’

As of the time of reporting, Iran and Israel continue to engage in mutual strikes. Additionally, the Houthi group in Yemen, which supports Iran, has attacked Israel and threatened to close the Red Sea. A closure of the Red Sea would further threaten global trade routes, following previous disruptions in the Strait of Hormuz. The Red Sea is vital for global logistics, while the Strait of Hormuz is critical for energy security.

Meanwhile, OPEC+ has agreed to increase production targets by 188,000 barrels per day starting in July. This production quota increase marks the fourth such adjustment since the closure of the Strait of Hormuz.