Flux Markets | Brent Trades $5 Higher Up To $98/bbl Skip to main content

Brent Trades $5 Higher Up To $98/bbl

Flat price buoyed by escalating hostilities between Iran and Israel; Trump calls both sides to stop shooting; Iran crude offered at discount
Published: June 8, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
4 page report
Share

This morning Brent crude futures opened around $2 higher from Friday’s close around $95/bbl, reaching highs of $98/bbl before coming off towards $97/bbl by 18:00 SGT (11:00 BST).

This morning Brent crude futures opened around $2 higher from Friday’s close around $95/bbl, reaching highs of $98/bbl before coming off towards $97/bbl by 18:00 SGT (11:00 BST). Renewed kinetic action between Iran and Israel have buoyed price action, amid a cycle of attacks that threatens to escalate towards a broader round of fighting in the Middle East. In a brief post on his Truth Social platform, President Trump said “Israel and Iran must immediately stop ‘shooting’”. In a telephone interview with the FT, he also stated that Israeli PM Netanyahu will have no choice but to accept any deal the US negotiates with Iran, because “I call all the shots.” Meanwhile, Yemen’s Houthis on Monday announced the imposition of a “total ban” on Israeli ships navigating the Red Sea. In other news, Iranian crude has been offered at a discount to Chinese buyers in an effort to entice interest from teapots, where prices for Iranian Light for July arrival were offered at a discount below -$1/bbl to ICE Brent. Chinese refiners have delayed two projects slated to come online this year following disruptions to Middle Eastern oil supplies, affecting a combined capacity of 500kb/d, which could cap fresh Chinese oil demand. ADNOC has issued a second tender in a week to sell crude oil from the UAE, where the company is offering cargos of Upper Zakum, Umm Lulu and das crude for June to August loading. Finally, the Aug/Sep’26 and Aug/Feb’27 Brent futures spreads are at $2.44/bbl and $11.28/bbl respectively.

Written by

Vincent Wu

Research Associate, Flux
Vincent Wu

About Singapore Window

A free report giving an overview of the markets at the end of the Asian trading day

Related News

Brent meets resistance above $90/bbl despite attacks on Saudi oil infrastructure

Saudi Arabia says it intercepted several drones from Iranian-backed militias in Iraq, targeting its oil infrastructure.....

Super-92

Eastern structure strengthens on geopolitical escalations; EBOB weakens with physical barges similarly bearish, E/W up from -$15 to -$6.50
14 page report

Peak and Fade

Hormuz spike fades as positioning turns bearish
17 page report

Funds Bullish Brent

Brent, gasoil and HO saw fresh buying and short-covering from funds
13 page report