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

08/06/2026 04:24 AST

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 energy demand later this year.

As of 11:02 am (June 8, 2026) in Tokyo, US benchmark West Texas Intermediate crude traded at $93.30 a barrel, up $2.76, or 3.05%.

Brent crude, the international benchmark, gained $2.78 to $95.99 a barrel, a rise of 2.99%.

The rally pushed both contracts closer to the psychologically important $100-per-barrel level, a threshold not seen since the energy market disruptions that followed Russia's invasion of Ukraine in 2022.

The gains come as traders assess tightening global crude supplies and the possibility of stronger fuel consumption during the Northern Hemisphere summer travel season.

OPEC+ moves
Market participants are also closely monitoring production decisions by the OPEC+ alliance, which controls a significant share of global oil output.

Not all energy commodities moved higher.

Murban crude, a key Middle Eastern benchmark produced in the United Arab Emirates, stood at $90.68 a barrel, still down from the last tradign3.02% to.

US natural gas futures also declined, dropping 1.83% to $3.17 per million British thermal units.

Supply disruptions
Analysts said oil markets remain sensitive to any signs of supply disruptions, geopolitical tensions or changes in economic growth forecasts.

Stronger-than-expected demand from major consuming nations could tighten inventories further, while concerns about inflation and slower global growth continue to pose risks to energy consumption.

The latest move higher follows several years of heightened volatility in commodity markets, driven by geopolitical conflicts, shifting OPEC+ policies and uncertainty over the pace of the global economic recovery.

Investors will continue watching inventory data, economic indicators and producer policy signals for clues about whether crude prices can sustain their advance toward the $100 mark.

Gulfnews