Oil Market Snapshot — Fri, 08 May 2026 20:00 UTC
Published 2026-05-08 20:05
The Strait of Hormuz is closed after the US fired on and disabled two Iranian tankers, pushing the Disruption Index to 99, unchanged from prior. LNG surged 30.68% to $null/MWh. Brent Crude Oil jumped 5.57% to $100.5/barrel, while WTI Crude Oil rose 5.31% to $101.7/barrel. Broader crude benchmarks also saw gains, with Brent Crude up 1.41% to $101.47/barrel and WTI Crude gaining 0.95% to $95.71/barrel. Headlines confirm rising crude and gasoline futures. The complete closure of Hormuz signals sustained and potentially escalating 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 |
| VLCC tanker freight | 110000 USD/day | 0 |
| Brent Crude | 101.47 USD/barrel | 1.41 |
Top movers
- LNG: % —
- Brent Crude Oil: % —
- WTI Crude Oil: % —
- Brent Crude: % —
- WTI Crude: % —
Related news
- Brent and WTI Crude Oil Prices Rise, Gasoline Futures Also Up — As of May 8, 2026, Brent crude oil rose to $101.73 USD/Bbl, up 1.66% from the previous day, while WTI crude oil increased to $95.92 USD/Bbl, up 1.17%. June WTI crude oil futures are up +0.83 (+0.88%), and June RBOB gasoline futures are also higher by +0.0271 (+0.78%). These price movements are influenced by ongoing geopolitical tensions in the Middle East.
Frequently asked questions
- What moved oil prices this hour?
- LNG led with a +30.68% move.
- What is the current Strait of Hormuz status?
- US fires on and disables 2 more Iranian tankers as tensions rise in the Strait of Hormuz
- What is the Disruption Index?
- Currently 99, up 0 vs prior reading.