Brent Climbs 2.6% to $95.50 After Iran Missiles Test April Ceasefire
Updated
Updated · BBC.com · Jun 8
Brent Climbs 2.6% to $95.50 After Iran Missiles Test April Ceasefire
3 articles · Updated · BBC.com · Jun 8
Summary
Brent rose 2.6% to $95.50 a barrel in early Asia trade, while U.S. crude gained 2.5% to $92.75 after Iran fired missiles at Israel.
The strike was Iran's first since the 17 April ceasefire with Israel and the U.S., and the IRGC said it marked the start of "a full week" of attacks.
Donald Trump told Axios he would urge Benjamin Netanyahu not to retaliate, even as Israel's military said it would strike once ordered, citing a near-final Iran deal.
Oil has stayed volatile around $95 since U.S.-Israeli strikes on Iran in February, with Gulf energy flows still at risk after Tehran threatened shipping through the Strait of Hormuz.
As Iran's missiles challenge a fragile truce, can last-ditch peace talks avert a full-scale war in the Middle East?
With two vital oil straits now at risk, how will the world economy withstand the shock of a potential supply collapse?
Middle East Crisis 2026: Iran-Israel Escalation Triggers Historic Oil Shock, Global Inflation, and Accelerates Energy Transition
Overview
On June 7, 2026, Iran launched missile strikes against Israel, triggering immediate regional fallout. In response, Syria and Iraq closed their airspaces, and Iran suspended flights at its main airport, while the U.S. Embassy in Jerusalem ordered staff to shelter in place. Shortly after a U.S.-brokered ceasefire between Lebanon and Israel, Israel attacked Beirut, hitting a residential building and causing casualties. These rapid escalations highlight the fragility of the ceasefire and the risk of wider conflict, as each action led to swift countermeasures and heightened insecurity across the Middle East.