Oil prices jump after renewed strikes on Iran

Brent crude prices surged by more than $3 per barrel on June 8 after renewed Israeli strikes on Lebanon, while additional upward pressure came from reports of explosions in Iran.

Blasts were heard in Tehran, Tabriz, and Isfahan, deepening concerns over an escalation in regional conflict and raising fears about potential disruptions to crude shipments through the Strait of Hormuz, Caliber.Az reports, citing Reuters.

Brent crude futures rose $3.20, or 3.39%, to $96.24 a barrel, while US crude futures gained $2.87, or 3.17%, to $93.41 per barrel as of 03:33 GMT.

The gains reversed losses recorded on June 5, when prices had fallen on expectations of de-escalation in the U.S.–Iran conflict, which has pushed oil prices up by more than 50% since March.

Despite Iran launching missile strikes on Israeli targets in retaliation, U.S. President Donald Trump said a deal to end the broader conflict remained achievable. He also reportedly urged Israeli Prime Minister Benjamin Netanyahu to avoid further escalation.

It’s not going to have any impact on the deal," Trump told ​the Financial Times. "I call the shots. I call all the shots. He doesn’t call the shots.”

Iran has reportedly made a ceasefire with Lebanon a condition for any broader peace agreement with Washington.

Israel entered Lebanon in March after Iran-backed Hezbollah launched cross-border attacks. Lebanon and Israel later agreed on June 3 to a ceasefire following talks in Washington, although earlier agreements had failed to fully hold.

The wider conflict has remained largely frozen since the United States and Israel paused strikes on Iran in early April. However, tensions have continued to disrupt maritime traffic in the region, particularly around the Strait of Hormuz, a key route for global oil shipments.

Amid the supply disruption, OPEC+ agreed on June 7 to increase production for a fourth consecutive month. However, analysts said the move is unlikely to significantly ease supply constraints due to ongoing operational and geopolitical limitations affecting several producers.

“In ​the current market, the physical impact of such a decision would be close to zero,” said Jorge Leon, head of geopolitical analysis at Rystad Energy.

By Bakhtiyar Abbasov