Oil prices increased on June 8, 2026, due to rising tensions in the Middle East as Iran and Israel engaged in military strikes, which raised concerns regarding the stability of a ceasefire. Brent crude futures for July rose by 1.6% to $94.59 per barrel, while U.S. West Texas Intermediate futures for August increased by 1.8% to $92.18 per barrel.
The prices retreated from session highs after President Donald Trump stated on social media that Iran and Israel were considering a ceasefire and that negotiations with Iran were ongoing. The Israeli Air Force conducted strikes on military targets in western and central Iran, according to the Israel Defense Forces, following missile attacks from Iran for the first time since an April ceasefire agreement.
An Iranian official involved in negotiations with the U.S. indicated that a deal with President Trump was no longer feasible. Additionally, Iran's Parliamentary Speaker, MB Ghalibaf, stated that the U.S. naval blockade and violations regarding Lebanon would be considered breaches of the ceasefire, labeling U.S. bases and assets in the region as legitimate targets.
OPEC+ announced an increase in oil production targets by 188,000 barrels per day (bpd) starting in July, marking the fourth quota hike since the closure of the Strait of Hormuz. This increase aligns with June's adjustments, which were reduced from previous monthly increases of 206,000 bpd in May and April due to the UAE's exit from the organization.
