Oil Market Snapshot — Fri, 08 May 2026 17:00 UTC
Published 2026-05-08 17:05
Crude oil prices surged following a definitive closure of the Strait of Hormuz. Brent Crude is at $100.5/barrel, a 5.57% increase, while WTI Crude hit $101.7/barrel, up 5.31%. This comes after US forces reportedly fired on Iranian tankers, escalating tensions and completely halting traffic through the critical waterway for the second consecutive day. The Disruption Index remains at 99. Brent Crude’s 24-hour surge significantly reversed earlier losses, though the prior day's WTI contract showed a 2.60% drop. Petrochemicals are down 0.34%. No new headlines were reported in the last hour. The market's immediate focus is the duration of the Hormuz closure and potential military de-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: % —
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.