Oil Market Snapshot — Fri, 08 May 2026 03:00 UTC
Published 2026-05-08 03:05
The Strait of Hormuz remains closed due to ongoing US-Iran strikes, as Iran rejected a US deal, sustaining a Disruption Index at 99. This geopolitical tension fueled a significant rally in Brent Crude Oil, which surged 5.57% to $100.50/barrel, and WTI Crude Oil, up 5.31% to $101.70/barrel. These gains overshadow a 3.61% drop in an alternative WTI Crude reading to $91.65/barrel and a 3.37% decline in an alternative Brent Crude reading to $100.98/barrel, indicating market fragmentation on specific contracts. LNG prices also advanced, rising 3.53% to €43.72/MWh. Continued closure of the Strait of Hormuz will maintain upward pressure on 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: % —
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.