Brent Crude Jumps More Than 5% on New Mideast Concerns

09/06/2026 03:53 AST

Brent crude prices surged more than five percent Monday after Israel and Iran exchanged strikes, testing a fragile truce and threatening hopes for a deal to end the Middle East crisis.

The contract for August jumped 5.1 percent to $97.83 a barrel, while West Texas Intermediate climbed 4.8 percent to hit $94.85.

Those gains erased Friday's losses, when prices fell on hopes of a de-escalation in the US-Iran conflict, which has seen oil prices rise over 50% since March.

Israel said on Monday it hit a petrochemical plant in Iran's southwest, along with strikes elsewhere on military targets, after US President Donald Trump reportedly told Israeli Prime Minister Benjamin Netanyahu to refrain from further attacks.

Trump has leaned on Israel to stop its attacks in Lebanon to allow room for a deal to end the wider war with Iran, including rebuking Netanyahu with obscenities in a phone call last week.

However, earlier on Sunday Israel launched strikes in the Beirut area for the first time since the U.S. announced a truce plan for Lebanon last week.

Iran fired salvos of missiles at Israeli targets in retaliation, but Trump insisted that an agreement to end the wider war remained within reach.

"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 (Netanyahu) doesn't call the shots."

A few hours later, Israel's defense forces said they had struck Iranian military targets.


Asharq Al Awsat

Most Viewed Companies

Ticker Price Volume

Crude Oil

(In US Dollar) Change Change(%)
Brent 92.78 -2.58 -2.71
WTI 90.28 -2.65 -2.85
OPEC Basket 100.63 -3.11 -3

Recent News

Oil falls as investors await clarity after Iran-Israel halt attacks

10/06/2026

Oil ?prices fell on Tuesday, erasing most of the previous session's gains, after Iran ?and Israel said they had halted attacks on each other following an appeal from US President Donald Trump, though

Reuters

Oil prices climb more than $3 after Israeli strikes on Lebanon

09/06/2026

Brent oil prices jumped more than $3 a ?barrel on Monday, initially spooked by Israel's launch of renewed strikes on Lebanon a day earlier, but also gaining further steam after sounds of explosions w

Reuters

Oman's oil output rises 7.5% in first 4 months of 2026

08/06/2026

Oman's total oil production increased by 7.5% during the first four months of 2026, reaching 127.3mn barrels, compared with 118.4mn barrels during the corresponding period of 2025.

Average d

Muscat Daily

Oil climbs above $95 as traders watch supply risks, global demand outlook

08/06/2026

Oil prices rose sharply in Asian trading Monday, with benchmark crude contracts nearing multi-month highs as investors weighed supply risks, OPEC+ production policy and expectations for stronger ener

Gulfnews

Seven OPEC+ producers set modest July output increase

08/06/2026

Seven OPEC+ member countries - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - will raise oil output ?targets by ?188,000 ?barrels ?per day ?in July, the group said in a statement

SPA

logo

Financial Information Co.

Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2025, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap