Brent Jumps Above $96 as Iran Strikes Israel and KOSPI Slides 8%
Updated
Updated · The New York Times · Jun 8
Brent Jumps Above $96 as Iran Strikes Israel and KOSPI Slides 8%
3 articles · Updated · The New York Times · Jun 8
Summary
Brent crude rose more than 3% to about $96 a barrel and U.S. crude climbed around 4% to $94 after Iran launched at least three missile barrages at Israel.
The attack — the first since a cease-fire paused the war two months ago — followed an Israeli strike on Beirut’s outskirts targeting Hezbollah, raising fresh doubts about the truce.
Asian markets sold off as energy-risk fears hit import-heavy economies and investors dumped AI-linked shares; South Korea’s KOSPI fell as much as 8% before a temporary halt and was later down 6%, while Japan’s Nikkei lost more than 3%.
Shipping disruption in the Strait of Hormuz, which normally carries about one-fifth of global oil supply, remained the key market concern even as U.S. stock futures pointed modestly higher.
U.S. gasoline prices fell again Sunday to a national average of $4.17 a gallon, but pump prices are still up 40% since the war began and typically lag crude moves by several days.
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.