Oil Market Snapshot — Sun, 07 Jun 2026 06:00 UTC
Published 2026-06-07 06:05
Brent Crude Oil leaped to $100.5/barrel (+5.57%) and WTI Crude Oil to $101.7/barrel (+5.31%) in immediate response to reports of US forces destroying Iranian drones near the Strait of Hormuz, swiftly followed by Iranian missile launches. Despite these gains, both Brent Crude ($92.78/barrel, -0.33%) and WTI Crude ($90.54/barrel, -2.69%) show overall 24-hour declines, which some outlets attribute to "de-escalation hopes" before the latest confrontation. The Strait of Hormuz is now officially closed, with a Disruption Index holding at 99. LNG saw a minor dip to 48.5 EUR/MWh (-0.52%). Geopolitical tensions in the Persian Gulf remain the sole price driver. Expect extreme volatility as the Strait closure impacts global shipping.
Price snapshot
| Commodity | Price | Change |
|---|---|---|
| Petrochemicals | USD/ | 0 |
| 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 |
| Brent Crude | 92.78 USD/barrel | -0.33 |
Top movers
- Brent Crude Oil: % —
- WTI Crude Oil: % —
- WTI Crude: % —
- LNG: % —
- Brent Crude: % —
Related news
- US Destroys Iranian Drones Near Hormuz; Iran Retaliates with Missile Launches — The US military shot down two Iranian attack drones threatening maritime traffic in the Strait of Hormuz late Saturday. In retaliation, Iran launched ballistic missiles and drones towards US allies Bahrain and Kuwait. These actions mark a significant escalation in the ongoing conflict, raising concerns about wider regional instability and further disruption to energy markets.
- Brent and WTI Crude Oil Prices Fall Amid De-Escalation Hopes — Brent crude is currently priced at $92.78 per barrel, while WTI crude is at $90.54 per barrel. Prices have been volatile, falling recently as traders gained confidence that renewed conflict between the U.S. and Iran was growing less likely, despite ongoing tensions.
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?
- Iran launches missiles and drones toward Strait of Hormuz; US intercepts
- What is the Disruption Index?
- Currently 99, up 0 vs prior reading.