Oil Market Snapshot — Fri, 08 May 2026 02:00 UTC
Published 2026-05-08 02:05
Brent crude surged to $100.5/barrel, a 5.57% increase, propelled by the continued closure of the Strait of Hormuz. WTI crude mirrored this ascent, reaching $101.7/barrel, up 5.31%, despite another WTI future contract (WTI Crude: 91.65 USD/barrel) experiencing a 3.61% decline, highlighting extreme market volatility. The Strait's closure, maintained as Iran rejects a US deal amidst ongoing US-Iran strikes, keeps the Disruption Index at a high of 99. LNG also saw upward price pressure, gaining 3.53% to 43.72 EUR/MWh. However, a different Brent Crude contract (100.98 USD/barrel) experienced a 3.37% dip, demonstrating a highly fractious market. Expect further price instability until geopolitical tensions de-escalate and the Strait of Hormuz reopens.
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: % —
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.