Oil Surges to $93.53 as Iran-Israel Strikes Renew Tensions

Oil prices rallied sharply on June 8 after Israel and Iran exchanged strikes, reversing weeks of declines driven by U.S.-Iran deal optimism. WTI jumped $3.33 to $93.53 while Brent rose nearly 5% above $97. Earlier, hopes of reopening the Strait of Hormuz triggered a 5% plunge in late May, sending Brent below $100 and WTI near $72 as analysts forecast normalization toward $65-70. White House officials including Kevin Hassett and Treasury Secretary Bessent reinforced the bearish view, citing ample supply with 2,000 ships queued. Renewed hostilities have restored geopolitical risk premium to the market.