Oil Market Snapshot — Fri, 08 May 2026 19:00 UTC
Published 2026-05-08 19:05
Brent Crude surged to $100.5/barrel, a 24-hour increase of 5.57%, while WTI Crude rose 5.31% to $101.7/barrel. This dramatic upward movement is directly attributable to the continued closure of the Strait of Hormuz, maintaining a Disruption Index of 99. US forces engaged Iranian tankers, further solidifying the chokepoint's blockade and driving supply fears. Conversely, an earlier reading of WTI Crude, likely futures, showed a 2.60% decline to $96.69/barrel, indicating considerable intraday volatility before the recent price spike. Petrochemicals declined 0.34%, reflecting broader industrial demand concerns despite crude's surge. The market faces extreme supply constriction in the crucial shipping lane. Further escalation around the Strait of Hormuz will underpin continued price volatility.
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.