Iran and Israel Clash Again, Oil Prices Surge Over 4%

By Hwang Jin Hyun Posted : June 8, 2026, 15:39 Updated : June 8, 2026, 15:39
President Donald Trump of the United States [Photo=AFP·Yonhap News]
Despite President Donald Trump's calls for restraint, Iran and Israel have engaged in military conflict again, just two months after a ceasefire. Concerns over escalation and uncertainty surrounding U.S. negotiations with Iran have led to a more than 4% surge in international oil prices.

On June 8, local time, the Israeli military reported that it had struck military targets in western and central Iran. The Islamic Revolutionary Guard Corps (IRGC) claimed that Israel used air-launched ballistic missiles. The Israeli military stated, "We targeted Iran's surface-to-surface missile launchers and infrastructure unrelated to the energy sector."

The Israeli attack followed missile launches from Iran aimed at Israel. The IRGC had previously announced an attack targeting the Ramat David airbase near Nazareth. The Israeli military confirmed that missiles were fired from both Iran and Yemen towards Israel and activated its defense systems to intercept them.

The military clashes were triggered after Israel conducted airstrikes on the outskirts of southern Beirut, Lebanon, on June 7. The Israeli military described the strikes as targeting Hezbollah positions, stating they were a response to rockets fired by Hezbollah towards northern Israel. Iran retaliated against Israel's attack on Lebanon, leading to Israel's counterattack on Iran.

The Washington Post noted that this was the first Iranian attack on Israel since a ceasefire was brokered by the U.S. on April 8. Additionally, the ceasefire between Israel and Lebanon, also mediated by the U.S., appears to have been undermined.

As ceasefires have been repeatedly broken, concerns about escalation are rising, impacting the energy market. With instability in the Middle East, expectations for the normalization of oil transport through the Strait of Hormuz have diminished. As of 3:28 PM KST, Brent crude futures rose 4.80% to $97.56 per barrel, while West Texas Intermediate (WTI) futures increased by 4.59% to $94.70.
Trump's Efforts for Ceasefire Before World Cup

The latest exchanges occurred shortly after President Trump urged both sides to refrain from escalating the conflict. According to Axios, Trump spoke with Israeli Prime Minister Benjamin Netanyahu on June 7, expressing optimism about achieving a favorable outcome and requesting restraint from further attacks. In a phone interview with Fox News on the same day, Trump stated regarding Iran, "This attack will not help negotiations," adding, "What I want to tell Iran is, you fired missiles, so stop and return to the table for an agreement."

However, Trump maintains that he is still committed to a diplomatic resolution despite the renewed military clashes. In a phone interview with the Financial Times following Iran's attack on Israel, he stated that Iran's missile strike would not affect his willingness to pursue diplomatic solutions. He also commented on whether Netanyahu would accept a U.S. agreement with Iran, saying, "He will have no choice," and emphasized, "I make all the decisions; it’s not his decision."

Trump is particularly focused on achieving a ceasefire in the Iran conflict before the North American World Cup begins on June 11. He indicated that negotiations with Iran could progress toward an agreement on Monday, Tuesday, or Wednesday of this week. This suggests a push for a memorandum of understanding (MOU) that would extend the ceasefire for 60 days and initiate denuclearization talks ahead of the World Cup.

However, there are concerns that more than just phone calls will be needed to curb Israel's military actions in Lebanon. According to the influential Arab media outlet Al Jazeera, Trita Parsi, co-founder of the Quincy Institute, stated, "If you want to stop Netanyahu and make him align with U.S. interests, a simple phone call won't suffice."

Parsi identified U.S. intelligence access and a multi-layered air and missile defense system as key pressure points. He argued that measures must be taken to limit Israel's operational range and effectively strip Iran of its ability to strike, asserting that without active U.S. support, Netanyahu cannot carry out such operations.



* This article has been translated by AI.

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