Oil Market Snapshot — Fri, 08 May 2026 00:00 UTC
Published 2026-05-08 00:05
The Strait of Hormuz is closed following US self-defense strikes on Iran, triggering an immediate surge in crude prices. Brent Crude spiked to $100.5/barrel, a 24-hour gain of +5.57%, while WTI Crude rose to $101.7/barrel, up +5.31%. This comes as Iran rejects a US deal to reopen the vital shipping chokepoint. LNG prices also advanced, reaching 43.72 EUR/MWh, a +3.53% increase. The Disruption Index remains critically high at 99. The dramatic closure and ongoing naval fire have overshadowed recent downward movements in other crude contracts, such as Brent Crude at $100.98/barrel (-3.37%) and WTI Crude at $91.65/barrel (-3.61%). Further escalation in the Persian Gulf portends continued extreme volatility across energy markets.
Price snapshot
| Commodity | Price | Change |
|---|---|---|
| Brent Crude Oil | 100.5 USD/barrel | 5.57 |
| WTI Crude Oil | 101.7 USD/barrel | 5.31 |
| LNG Europe spot price | 0 EUR/MWh | 0 |
| Urea fertilizer spot price | 0 USD/MT | 0 |
| Methanol spot price | 0 USD/MT | 0 |
| Sulfur spot price | 0 USD/MT | 0 |
| Aluminium LME spot price | 0 USD/MT | 0 |
| VLCC tanker freight rate | 0 USD/day | 0 |
| Petrochemicals | USD/ | 0 |
| Brent Crude | 100.98 USD/barrel | -3.37 |
Top movers
- Brent Crude Oil: % —
- WTI Crude Oil: % —
- WTI Crude: % —
- LNG: % —
- Brent Crude: % —
Related news
- US Launches Self-Defense Strikes on Iran, Strait of Hormuz Closed Amid Naval Fire — The U.S. military conducted self-defense strikes on two Iranian ports, Bandar Abbas and Qeshm, after three U.S. Navy destroyers came under attack from Iranian drones, missiles, and small boats in the Strait of Hormuz. Shipping intelligence firm Lloyd's List reported that the Strait of Hormuz is now closed, with no transits recorded since May 4, as Iran established a new authority to approve ship transits and collect tolls. Brent crude oil prices hovered around $100 a barrel amidst these developments.
Frequently asked questions
- What moved oil prices this hour?
- Brent Crude Oil led with a +5.57% move.
- What is the current Strait of Hormuz status?
- Iran rejects US deal as Strait of Hormuz remains closed amid US-Iran strikes.
- What is the Disruption Index?
- Currently 99, up 0 vs prior reading.