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Informist, Monday, Jun. 8, 2026

--MCX June crude oil futures contract up 5% at INR 9,054 per barrel 

MUMBAI – Futures contracts of crude oil on the Multi Commodity Exchange rose sharply on Monday, tracking a rise in futures on the Intercontinental Exchange and the New York Mercantile Exchange. Prices rose after Iran launched attacks on Israel on Sunday, driving fears that conflict in West Asia could drag on further and keep up supply disruptions in the region.

On Sunday, Iran launched its first missile attack targeting Israel since an early April ceasefire, marking a fresh escalation after weeks of negotiations on a potential deal to end the US-Israeli war with Iran, the BBC reported. Iran accused Israel of repeated violations of the ceasefire by attacking Lebanon, Al Jazeera reported. The escalation comes after Israel attacked the southern suburbs of Beirut, the report said.

US President Donald Trump told Fox News that he was "not happy" about Israel striking Beirut's suburbs and that the Iranian missile fired towards Israel was "certainly not going to help negotiations" aimed at ending the war, The Washington Post reported. Officials from both the US and Iran had said in recent weeks that they were "close" to reaching a peace agreement, the report said. "What I would suggest to Iran: You've shot your missiles, that's enough, get back to the table and make a deal," the report quoted Trump as saying.

On Monday, Israel followed through on its pledge to retaliate against Iran's missile assault, despite warnings from Trump to hold off, saying a deal to end the war was near, Dow Jones reported.

Amid the resulting supply crisis, the Organization of the Petroleum Exporting Countries and its allies on Sunday agreed its fourth increase in oil output in four months. But analysts said the decision would have little impact since most members of the organisation could not meet their output targets because of the Strait of Hormuz closure or, in the case of Russia, infrastructure attacks that have eroded its production capacity, Reuters reported. "In the current market, the physical impact of such a decision would be close to zero," the report quoted Rystad Energy's head of geopolitical analysis, Jorge Leon, as saying in a note.

At 1159 IST, the most-active June crude oil contract on the MCX was up 5% at INR 9,021 per barrel. The ICE Brent August crude oil contract up 5% at $97.41 per barrel, and the WTI July crude oil contract up 4% at $94.20 per barrel.  End

US$1 = INR 95.67

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Shreya Shetty

Edited by Akul Nishant Akhoury

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