Oil Market Snapshot — Fri, 08 May 2026 12:00 UTC
Published 2026-05-08 12:05
The Strait of Hormuz closure, stemming from escalating US-Iran clashes, continues to dominate global oil markets. Brent Crude surged 5.57% to $100.5 USD/barrel, while WTI Crude rose 5.31% to $101.7 USD/barrel in the last 24 hours, driven by severe supply disruptions. LNG gained 1.98% to 44.42 EUR/MWh. US natural gas futures saw gains on a smaller-than-expected storage injection, per Morningstar. The Disruption Index remains elevated at 99, unchanged from its prior reading. With the Strait remaining shut, further volatility is expected.
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 | 100.55 USD/barrel | 0.49 |
Top movers
- Brent Crude Oil: % —
- WTI Crude Oil: % —
- LNG: % —
- Brent Crude: % —
- WTI Crude: % —
Related news
- US natural gas futures post gains following smaller-than-expected storage injection — U.S. natural gas futures recorded moderate gains after a smaller-than-expected storage injection for the past week was reported. This development contributed to an upward movement in natural gas prices.
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?
- US-Iran clashes escalate, Strait of Hormuz remains closed
- What is the Disruption Index?
- Currently 99, up 0 vs prior reading.