Oil Market Snapshot — Fri, 08 May 2026 16:00 UTC
Published 2026-05-08 16:05
The Strait of Hormuz remains closed following US forces firing on Iranian tankers, driving Brent Crude to $100.50/barrel (+5.57%) and WTI to $101.70/barrel (+5.31%) as of 16:00 GMT. This 24-hour surge, spurred by intensifying US-Iran tensions near the vital shipping lane, negates earlier price erosion. Disruption Index holds at 99, unchanged from prior readings, reflecting persistent geopolitical instability. Petrochemicals declined -0.34%. Earlier reports of strong US jobs data were overshadowed by the escalating conflict. Market focus now shifts to the duration of the Hormuz closure and potential for further escalation.
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/ | -0.34 |
| Brent Crude | 101.51 USD/barrel | 1.449 |
Top movers
- Brent Crude Oil: % —
- WTI Crude Oil: % —
- WTI Crude: % —
- Brent Crude: % —
- Petrochemicals: % —
Related news
- Oil prices edge higher as US-Iran tensions near Strait of Hormuz offset strong US jobs data — Oil prices edged higher on Friday after US and Iranian forces exchanged fire near the Strait of Hormuz, offsetting the impact of strong US jobs data. Brent crude futures climbed above $100 per barrel, recouping some losses from earlier in the week. The ongoing tensions in the vital shipping lane continue to influence market volatility.
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 fires on Iranian tankers, Strait of Hormuz remains closed amid clashes
- What is the Disruption Index?
- Currently 99, up 0 vs prior reading.