Oil Pares Gains After Iran Says Attacks Against Israel Are Over

In early trading, the price shot up by more than $4 per barrel after Israel and Iran exchanged fire.

The Ateela 2 Oil Tanker near Qeshm Island, Iran, in the Strait of Hormuz, on April 28, 2026. Asghar Besharati/Getty Images

Oil prices pared back earlier rises on June 8 after Iran announced its strikes against Israel were over.

Iran said that it had suspended military operations against Israel following a weekend exchange of missile strikes, but warned that any further Israeli attacks—including ongoing operations in southern Lebanon—would trigger a more severe response.