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macroJun 8, 2026, 4:07 PM

Oil Prices Spike Then Drop on Middle East De-escalation

Brent crude briefly surged after Israel attacked Iran's energy infrastructure and Iran retaliated, but gains reversed when Iran announced an end to attacks, easing supply fears.

WTIBrent

Brent oil prices jumped sharply on Monday following a fresh escalation in the Middle East. Israel struck Iran's energy infrastructure, and Iran responded with a wave of attacks on Israel, initially stoking supply concerns.

However, the rally proved short-lived. As Iran announced a cessation of hostilities, crude prices quickly reversed course and fell, with the daily cloud base for WTI coming under increased pressure.

Traders are now assessing whether further geopolitical risks remain or if the situation will stabilize, keeping oil markets volatile.

Source: FXStreet Forex News