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Crude oil nears $100 as Iran-Israel conflict escalates, tightening supply and boosting prices.

Market News
08 Jun 2026
FXEmpire
View Source
Bullish
pluang ai news

Crude oil prices surged sharply as tensions between Iran and Israel escalated, pushing WTI above $95.67 and Brent near $97.50, with traders eyeing the $100 mark. The conflict raised freight and insurance costs, adding a risk premium to oil prices despite no physical supply disruptions yet. Additionally, an 8-million-barrel draw in U.S. crude inventories confirmed tightening supply fundamentals. OPEC+ production increases are too slow to offset the supply squeeze, keeping prices elevated amid ongoing geopolitical risks. Market watchers will focus on whether the conflict intensifies or eases and upcoming EIA reports for further supply insights.

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