Oil Market Snapshot — Sun, 07 Jun 2026 09:00 UTC
Published 2026-06-07 09:05
Brent Crude Oil surged 5.57% to $100.5/barrel, with WTI Crude Oil up 5.31% to $101.7/barrel, driven by Iran's renewed threat to close the Strait of Hormuz. This action follows the definitive suspension of US peace talks and persistent partial closure of the Strait, which currently impacts 21% of global oil and 25% of LNG trade. US forces engaged Iranian drones, underscoring escalating tensions. The Disruption Index remains at 99. Conversely, other WTI Crude saw a 2.69% decrease to $90.54/barrel, Brent Crude traded at $92.78/barrel (-0.33%), and LNG dropped 0.52% to 48.5 EUR/MWh, likely reflecting regional demand fluctuations or successful diversification efforts in some markets. The immediate future hinges on de-escalation efforts in the Strait.
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 |
| Brent Crude | 92.78 USD/barrel | -0.33 |
Top movers
- Brent Crude Oil: % —
- WTI Crude Oil: % —
- WTI Crude: % —
- LNG: % —
- Brent Crude: % —
Related news
- Iran suspends US peace talks, renews threat to fully close Strait of Hormuz — Iran has halted negotiations with the United States, citing ongoing ceasefire violations in Lebanon by Israel. Tehran has vowed to completely block the Strait of Hormuz and activate other fronts, including the Bab al-Mandeb Strait, if its demands for Israeli withdrawal are not met. This diplomatic impasse exacerbates the ongoing energy crisis.
- Strait of Hormuz closure persists, impacting 21% of world oil and 25% of global LNG trade — The Strait of Hormuz continues to be closed, a status maintained since March 3, 2026, for 95 days. This closure critically impacts approximately 21% of the world's oil supply and 25% of global LNG trade. Ships are rerouting via the Cape of Good Hope, adding up to 14 extra transit days and significantly increasing shipping costs and war risk insurance.
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 forces shoot down Iranian drones in Strait of Hormuz amid escalating tensions
- What is the Disruption Index?
- Currently 99, up 0 vs prior reading.