Oil Market Snapshot — Fri, 08 May 2026 11:00 UTC
Published 2026-05-08 11:05
The Strait of Hormuz is closed following US-Iran exchange of fire, registering a Disruption Index of 99. This event has caused VLCC tanker freight rates to surge by 94.00% to $423,736/day, indicating severe shipping constraints and escalating geopolitical risk premiums. Brent crude oil jumped 5.57% to $100.5/barrel, and WTI crude increased 5.31% to $101.7/barrel. Fertilizer prices rose 6.71% to $616.25/MT, reflecting higher input costs and supply chain fears. LNG also saw a modest rise of 1.38% to €44.16/MWh. The absence of new headlines in the last hour suggests markets are processing the initial impact. Sustained closure of the Strait of Hormuz will trigger further significant price instability across all energy and dry bulk commodities.
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.