Oil prices rise following direct military exchange between Israel and Iran

On June 8, 2026, Brent crude oil prices rose by approximately 4.5% to 5.1%, reaching levels between $97.25 and $97.83 per barrel, while WTI crude increased by roughly 4.16% to 4.88%, reaching $94.30 to $94.96. The price of European TTF natural gas also saw a significant increase of over 4%, recorded at 50.79 euros per megawatt-hour. This market volatility follows a series of direct military strikes between Israel and Iran. Israel reported conducting airstrikes against military targets in western and central Iran in response to Iranian ballistic missile launches. Iranian state media confirmed explosions in Tehran, though a U.S. official described the Israeli operation as limited in scale. These events mark a significant escalation since the fragile ceasefire established on April 8, 2026, creating concerns about the stability of ongoing peace negotiations in the Middle East. No casualties were reported following the interception of Iranian missiles by the Israel Defense Forces.