Oil Market Snapshot — Fri, 08 May 2026 07:00 UTC
Published 2026-05-08 07:05
The Strait of Hormuz is closed following renewed US-Iran exchanges of fire, immediately impacting crude contracts. Brent Crude climbed 5.57% to $100.5/barrel, while WTI Crude Oil rose 5.31% to $101.7/barrel. WTI Crude Futures approached $96, up from yesterday's close of $91.65, signaling a 3.61% increase before this hour’s substantial surge. Persistent US-Iran clashes and stalled diplomatic efforts, as reported by Trading Economics, fueled the upward pressure. LNG increased 2.82% to 44.79 EUR/MWh. The Disruption Index remains at a critical 99. The geopolitical risk premium is now fully priced into spot crude. Further escalation in the Strait of Hormuz will drive prices higher.
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/ | 16 |
| Brent Crude | 101.43 USD/barrel | 1.37 |
Top movers
- Petrochemicals: % —
- Brent Crude Oil: % —
- WTI Crude Oil: % —
- WTI Crude: % —
- LNG: % —
Related news
- WTI Crude Futures Approach $96 as US-Iran Clashes Continue, Diplomatic Efforts Stalled — WTI crude futures climbed towards $96 per barrel on Friday, recovering from earlier declines, due to fresh clashes between the US and Iran. The market remains volatile as diplomatic efforts to end the conflict and reopen the Strait of Hormuz face uncertainty.
- Brent Crude Climbs Above $101 Amid Fresh US-Iran Clashes and Diplomatic Uncertainty — Brent crude futures rose above $101 per barrel on Friday, recouping earlier losses, as renewed clashes between the US and Iran threatened to derail diplomatic efforts. The price increase reflects ongoing tensions in the Persian Gulf and Lebanon, with global oil supply disruptions estimated at 14 million barrels per day.
Frequently asked questions
- What moved oil prices this hour?
- Petrochemicals led with a +16.00% move.
- What is the current Strait of Hormuz status?
- US, Iran Exchange Fire in Strait of Hormuz; Shipping Closed
- What is the Disruption Index?
- Currently 99, up 0 vs prior reading.