Oil Prices Rise More Than 2% After Israel Strikes Lebanon

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June 8, 2026 — Oil prices gained by more than 2% as trading began on Monday after Israel carried out strikes in the Beirut region, following a ceasefire proposal in Lebanon by the US government. The latest move has caused a rise in uncertainty in the Middle East’s stability and energy supply situation.

Brent and WTI Extend Gains

Futures contracts for Brent crude oil gained $2.67 to reach $95.76 per barrel, whereas WTI crude futures surged $2.57 to touch $93.11 per barrel.

The rise partially offset the previous declines observed at the end of last week, when hopes for a diplomatic breakthrough had depressed oil prices.

Supply Concerns Return to the Forefront

The threat of disruption in crude oil supply from the Middle East due to heightened tensions in the region became the focus of concern for all market participants.

Uncertainty about the security of critical oil transit routes continues to be a key determinant of oil prices and market sentiment.

Investors Monitor Geopolitical Developments

The traders will be monitoring what goes on in the region with hopes that either one or the other happens: an escalation or diplomacy.

The recent hike in prices highlights once again the volatility of international crude oil markets due to political developments, especially those threatening the security of its supply lines.