Oil Prices Rise Amid Middle East Conflict; European Fuel Sales Decline

On June 8, 2026, international and domestic oil prices increased following military exchanges between Iran and Israel. The conflict has impacted fuel prices, prompting a reduction in driving across Europe, where at least six countries reported a double-digit decline in auto fuel sales. Brent Crude prices rose by 1.20% to $94.21 per barrel, while West Texas Intermediate increased by 0.66% to $91.14 per barrel. The U.S. Energy Information Administration reported record jet fuel production in response to rising prices, with production surpassing 2.0 million barrels per day for the first time. In Europe, fuel sales dropped by 3.5% year-over-year in April, marking the largest decline in three years. The report also noted that diesel prices in the EU increased by over 33% in the past year. Additionally, a U.S. delegation is set to visit Venezuela to encourage reforms in the oil sector, and the House is scheduled to vote on a bipartisan bill related to critical minerals. A magnitude 7.8 earthquake struck the southern Philippines, resulting in casualties and damage. Upcoming energy-related events include the California Hydrogen Summit and various hearings in Washington, D.C.