Oil Market Snapshot — Fri, 08 May 2026 18:00 UTC
Published 2026-05-08 18:05
Brent Crude surged to $100.5/barrel, a 5.57% gain, and WTI Crude followed suit at $101.7/barrel (+5.31%), driven by the continued closure of the Strait of Hormuz. US forces engaged Iranian tankers, escalating tensions and keeping the critical chokepoint shut. This marks a significant 24-hour reversal for Brent, which had seen a more modest 1.45% rise in earlier reporting. The Disruption Index remained stable at 99, reflecting sustained market anxiety. Petrochemicals saw a negligible decline of 0.34%. With no new headlines in the past hour, market participants are now awaiting further developments from the Persian Gulf.
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.