{"id":128129,"date":"2026-06-08T09:31:00","date_gmt":"2026-06-08T05:31:00","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=128129"},"modified":"2026-06-08T09:37:29","modified_gmt":"2026-06-08T05:37:29","slug":"oil-surges-2-6-as-iran-fires-missile-barrage-at-israel-ceasefire-collapses-and-peace-deal-hopes-evaporate","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/oil-surges-2-6-as-iran-fires-missile-barrage-at-israel-ceasefire-collapses-and-peace-deal-hopes-evaporate\/06\/08\/market-updates\/","title":{"rendered":"Oil Surges 2.6% as Iran Fires Missile Barrage at Israel: Ceasefire Collapses and Peace Deal Hopes Evaporate"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key Takeaways<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Crude jumps:<\/strong> Brent rose 2.6% to $95.49 per barrel, while WTI climbed 2.4% to $92.70 \u2014 sharply reversing last week&#8217;s late decline.<\/li>\n\n\n\n<li><strong>Iran fires missiles at northern Israel:<\/strong> Multiple missile barrages were launched Sunday, with Israeli air defenses intercepting the projectiles.<\/li>\n\n\n\n<li><strong>Retaliation for Beirut strike:<\/strong> Tehran said the attack was a response to Israeli operations in Beirut&#8217;s southern suburbs.<\/li>\n\n\n\n<li><strong>Israel warns of further action:<\/strong> Israeli officials pledged a military response, heightening escalation fears.<\/li>\n\n\n\n<li><strong>Most serious ceasefire breach:<\/strong> The exchange marked the gravest violation since the April truce took effect.<\/li>\n\n\n\n<li><strong>Trump urges Netanyahu to stand down:<\/strong> Axios reports the president said he would tell Israel&#8217;s PM not to retaliate against the Iranian missiles.<\/li>\n\n\n\n<li><strong>Last week&#8217;s gains reversed:<\/strong> Brent had settled near $93 and WTI around $90.54 on Friday on de-escalation hopes \u2014 now quickly unwound.<\/li>\n\n\n\n<li><strong>Hormuz fears reignite:<\/strong> Fresh hostilities renewed concerns about disruptions to the strategic waterway handling a fifth of global oil.<\/li>\n\n\n\n<li><strong>OPEC+ raises July quotas:<\/strong> The producer group agreed to increase output by 188,000 barrels per day \u2014 but Persian Gulf export blockages are preventing most members from implementing the hike.<\/li>\n\n\n\n<li><strong>Peace deal hopes dim:<\/strong> The latest military exchanges represent a major setback for diplomatic efforts to end the conflict.<\/li>\n<\/ul>\n\n\n\n<p>Oil prices jumped during Asian trading on Monday after Iran launched multiple missile barrages toward Israel in retaliation for an Israeli strike on the outskirts of Beirut \u2014 threatening a fragile ceasefire and dimming hopes for a negotiated end to the conflict.<\/p>\n\n\n\n<p>As of 19:42 ET (23:42 GMT), Brent oil futures expiring in August rose 2.6% to $95.49 per barrel, while West Texas Intermediate (WTI) crude futures climbed 2.4% to $92.70 per barrel.<\/p>\n\n\n\n<p>Both contracts had ended last week with modest gains, with fresh hostilities across the Middle East dampening truce hopes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Iran&#8217;s Missile Barrage Shatters Ceasefire<\/h2>\n\n\n\n<p>Iran fired several missiles toward northern Israel late Sunday, with Israeli air defenses intercepting the projectiles, according to regional reports.<\/p>\n\n\n\n<p>Tehran said the attack was a response to Israeli operations in Beirut&#8217;s southern suburbs, while Israeli officials warned of further military action. The exchange marked the most serious breach of the ceasefire since it took effect in April.<\/p>\n\n\n\n<p>The latest flare-up renewed concerns about disruptions to oil flows through the Strait of Hormuz \u2014 a critical shipping route that handles roughly a fifth of global oil consumption.<\/p>\n\n\n\n<p>U.S. President Donald Trump said on Sunday he would tell Israeli Prime Minister Benjamin Netanyahu not to retaliate against Iran&#8217;s missile attack, according to an Axios report.<\/p>\n\n\n\n<p>Oil had fallen sharply late last week on hopes of de-escalation, with Brent settling near $93 and WTI around $90.54 on Friday \u2014 but those expectations were quickly reversed by the latest military exchanges.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">OPEC+ Hike Remains Largely on Paper<\/h2>\n\n\n\n<p>On the supply side, OPEC+ agreed to another increase in oil output quotas for July of 188,000 barrels per day, continuing its gradual rollback of voluntary production cuts. However, a blockage of exports from the Persian Gulf has prevented most producers from implementing the additional output.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Crude jumps: Brent rose 2.6% to $95.49 per barrel, while WTI climbed 2.4% to $92.70 \u2014 sharply reversing last week&#8217;s late decline. Iran fires missiles at northern Israel: Multiple missile barrages were launched Sunday, with Israeli air defenses intercepting the projectiles. Retaliation for Beirut strike: Tehran said the attack was a response to &hellip;<\/p>\n","protected":false},"author":9,"featured_media":128017,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[],"class_list":["post-128129","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/128129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=128129"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/128129\/revisions"}],"predecessor-version":[{"id":128130,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/128129\/revisions\/128130"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/128017"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=128129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=128129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=128129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}