Oil Prices Surge Past $93 as Israel Strikes Lebanon, Threatening Strait of Hormuz Flows

Brent crude jumped more than 3% to $96.24 a barrel on Monday after fresh Israeli strikes on Lebanon undermined a fragile ceasefire and raised concerns over renewed disruption to the world’s most critical oil shipping route.

Oil prices climbed more than $3 a barrel on Monday after Israel launched fresh strikes on Lebanon, shattering hopes that a ceasefire announced just days earlier would hold and deepening concerns about the resumption of crude shipments through the Strait of Hormuz.

Brent crude futures rose $3.20, or 3.39 percent, to $96.24 a barrel, while U.S. crude futures gained $2.87, or 3.17 percent, to trade at $93.41 per barrel as of 0333 GMT. The price spike reflects mounting anxiety in global energy markets over supply disruptions that have already persisted for months.

The latest escalation came despite a ceasefire agreement announced on June 3 following negotiations in Washington. Israel entered Lebanon in March after Hezbollah, the Iran-backed militant group, launched rockets and drones across the border. While a previous truce had been agreed in April, clashes continued. Now, with fresh Israeli strikes and Tehran’s retaliatory missile fire at Israel, the region appears no closer to stability.

Iran has maintained that a ceasefire involving Lebanon is a prerequisite for any peace deal with the United States. The absence of such a deal keeps the Strait of Hormuz, through which roughly 20 percent of global oil passes, largely closed to normal shipping activity. Tehran has continued to restrict most maritime traffic through the strait, effectively removing millions of barrels from daily global supply.

An analysis by Accra Street Journal showed that OPEC+’s decision on Sunday to approve a fourth consecutive monthly output increase is unlikely to calm the market. Many producers within the coalition are themselves unable to meet production targets precisely because of the Hormuz disruption, limiting the effectiveness of any supply response.

Haitong Futures said crude prices could move toward the upper end of their trading range as tighter supply-demand dynamics coincide with rapidly declining global oil inventories. Analysts added that even if a ceasefire is secured, shipping through the Strait of Hormuz may take months to normalise. Any damage to energy infrastructure could further slow the recovery process.

Last month, Saudi Aramco Chief Executive Amin Nasser warned that disruptions in the strait could postpone stability in global oil markets until 2027, noting that nearly 100 million barrels of oil supply could be affected every week. Morgan Stanley described the oil market as being in “a race against time”, cautioning that the factors which have so far limited a sharper price rise, including stronger U.S. crude exports and weaker Chinese demand, may begin to fade if the strait remains closed through June.

The brokerage warned that a prolonged closure could tighten global supplies once again, particularly if the disruption outlasts the period during which the United States and China can offset the impact. For now, the market is watching the Levant closely, knowing that every new strike carries a direct price signal.

Source: Accra Street Journal 

Last Updated on June 8, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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