Global oil prices climbed sharply on Monday as renewed military exchanges between Iran and Israel raised fears of a wider conflict and threatened hopes for a lasting ceasefire.
According to the report, energy markets reacted to growing concerns that tensions in the Middle East could further disrupt regional stability and oil supplies.
The Israeli military said it carried out strikes on military targets in western and central Iran. Meanwhile, President Donald Trump was briefed after Israel was reportedly struck by an Iranian missile following the start of a ceasefire. Trump said the attacks were unlikely to help ongoing negotiations.
Despite the geopolitical tensions, OPEC+ agreed to raise oil production targets by 188,000 barrels per day beginning in July. The report said the move marks the fourth consecutive increase in output quotas and could help offset some supply concerns in global energy markets.
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Oil prices jump after Israeli strikes on Iran and Lebanon https://t.co/G2oB58vYEL
— The Globe and Mail (@globeandmail) June 8, 2026
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TIPP Staff
