TodayMonday, June 08, 2026
Heavy machinery removes rubble after Israeli airstrike on Beirut southern suburbs June 2026

Brent Surges Past $97 as Israel Strikes Lebanon and Iran, Rendering OPEC+ Output Hike Irrelevant

June 8, 2026
Brent crude jumped past $97 a barrel on Monday after Israel bombed Beirut and struck an Iranian petrochemical plant, collapsing a five-day-old ceasefire and wiping out any market relief from OPEC+'s fourth consecutive production increase. The move exposed a structural reality energy traders have been reluctant to name: in a Hormuz-blockade world, cartel production quotas no longer set prices.