Oil Market Snapshot — Fri, 08 May 2026 08:00 UTC
Published 2026-05-08 08:05
The Strait of Hormuz is closed following an exchange of fire between US and Iranian forces, pushing the Disruption Index to 99. This closure has triggered a 94.00% surge in VLCC tanker freight, now at $423,736 USD/day. Brent Crude Oil jumped 5.57% to $100.5/barrel, while WTI Crude Oil rose 5.31% to $101.7/barrel within the last 24 hours. Fertilizer prices increased 6.71% to $616.25/MT. LNG saw a more modest gain of 1.38% to €44.16/MWh. The immediate market impact centers on escalating geopolitical risk and severe supply chain constraints. Expect continued volatility as geopolitical tensions persist and shipping re-routes are sought.
Price snapshot
| Commodity | Price | Change |
|---|---|---|
| Brent Crude | 101.37 USD/barrel | 1.31 |
| WTI Crude | 95.71 USD/barrel | 0.95 |
| LNG | 44.16 EUR/MWh | 1.38 |
| Fertilizer | 616.25 USD/MT | 6.71 |
| Methanol | 1480 USD/MT | 0 |
| Sulfur | 540 USD/MT | 0 |
| Aluminium | 3498.85 USD/MT | 0.45 |
| VLCC tanker freight | 423736 USD/day | 94 |
| Brent Crude Oil | 100.5 USD/barrel | 5.57 |
| WTI Crude Oil | 101.7 USD/barrel | 5.31 |
Top movers
- VLCC tanker freight: % —
- Fertilizer: % —
- Brent Crude Oil: % —
- WTI Crude Oil: % —
- LNG: % —
Frequently asked questions
- What moved oil prices this hour?
- VLCC tanker freight led with a +94.00% 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.