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Brent Eases to $94/bbl

Brent falls to the $94-95/bbl range; Iran and Israel halt attacks against each other as both sides come out with statements
Published: June 8, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
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The Aug’26 Brent crude futures came off further into Monday afternoon, trading between the $94-95/bbl range.

Markets are not expecting further kinetic escalation between Iran and Israel as both sides halted their military operations against each other, seemingly ending the cycle of retaliatory attacks. Iran’s Revolutionary Guards said it was stopping attacks but warned that any further strikes by Israel or hostile actions against Lebanon would trigger “a far stronger and more forceful response”. Meanwhile, in a televised statement, Israeli PM Netanyahu said that Israel is holding off attacks on Iran for now, but also suggests that they will “respond forcefully” if Iran attacks again. In other news, fuel costs for US airlines jumped 78% in April to nearly $6.5 billion compared to the year before, as the Middle East conflict drove up jet fuel prices, according to the US Transportation Department. India’s BPCL will shut a 120kb/d crude unit and some secondary units at its Mumbai refinery for maintenance in November, an industry source said on Monday. Indian Oil Minister Hardeep Singh Puri said on Monday that India expects prices of both oil and gas to drop in the coming months, citing adequate national reserves of about 76-80 days and possible supply relief from Western producers, including from the US and Canada. Finally, the Aug/Sep’26 and Aug/Feb’27 Brent futures spreads are at $2.03/bbl and $9.90/bbl respectively.

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