Oil Market Snapshot — Fri, 08 May 2026 10:00 UTC
Published 2026-05-08 10:05
The Strait of Hormuz is closed, following U.S. and Iranian fire exchanges, driving VLCC tanker freight up 94.00% to $423,736/day and magnifying oil price increases. Brent surged 5.57% to $100.5/barrel, with WTI up 5.31% to $101.7/barrel. This closure, alongside the unchanged Disruption Index at 99, signals escalating geopolitical tensions. The news of U.S. sanctions on Iraq's Deputy Oil Minister for allegedly aiding Iranian oil sales further tightens the market. Fertilizer prices climbed 6.71% to $616.25/MT, and LNG edged up 1.38% to €44.16/MWh. Ongoing hostilities in the Strait of Hormuz will continue to dictate market direction.
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: % —
Related news
- US Sanctions Iraqi Deputy Oil Minister for Allegedly Facilitating Iranian Oil Sales — The United States Treasury Department has imposed sanctions on Iraq's Deputy Minister of Oil, Ali Maarij Al-Bahadly, accusing him of diverting Iraqi oil products to benefit Iran-affiliated smugglers and militias. Treasury Secretary Scott Bessent stated that the Iranian regime is 'pillaging resources that rightfully belong to the Iraqi people' to fund terrorism. Iraq's oil ministry has denied these accusations.
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.