Oil Market Snapshot — Sun, 07 Jun 2026 14:00 UTC
Published 2026-06-07 14:05
Brent crude surged 5.57% to $100.5/barrel, with WTI Crude following suit, up 5.31% to $101.7/barrel, following confirmed US interceptions of Iranian drones and missiles near the Strait of Hormuz. The Strait of Hormuz is now closed, prompting Gulf States’ condemnation of Iranian attacks. These events coincide with Al Jazeera’s report noting the persistence of a 100-day global energy crisis amidst the US-Israel war on Iran. WTI Crude futures, however, saw a 2.69% decline to $90.54/barrel, while LNG prices stabilized, decreasing only 0.53% to 48.495 EUR/MWh. Former US President Trump’s statement that an Iran deal wouldn't immediately unfreeze assets further exacerbates market uncertainty. The Global Disruption Index remains at 99. Continued geopolitical tensions point to sustained oil 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 |
| Brent Crude | 92.78 USD/barrel | -0.33 |
Top movers
- Brent Crude Oil: % —
- WTI Crude Oil: % —
- WTI Crude: % —
- LNG: % —
- Brent Crude: % —
Related news
- US Intercepts Iranian Drones, Missiles Near Hormuz, Kuwait, Bahrain — US Central Command forces shot down Iranian drones and intercepted ballistic missiles launched towards the Strait of Hormuz, Kuwait, and Bahrain on Saturday, June 7, 2026. Iran claims these attacks targeted US military assets in retaliation for earlier US strikes on its surveillance infrastructure. This escalation comes amidst ongoing, fragile peace negotiations.
- Gulf States Condemn Iran's Missile and Drone Attacks — Egypt, Jordan, Qatar, Saudi Arabia, Bahrain, and Kuwait have condemned Iran's recent missile and drone attacks towards Bahrain and Kuwait. Bahrain, home to the US Navy's Fifth Fleet, described the launches as 'blatant aggression,' while Kuwait called them a 'dangerous escalation.'
- Global Energy Crisis Persists 100 Days into US-Israel War on Iran — Sunday, June 7, 2026, marks 100 days since the US and Israel attacked Iran, a conflict that has triggered a global energy crisis and significantly disrupted financial markets. A fragile ceasefire has been in place since April 8, but regional tensions remain high.
- Israel Launches New Airstrikes on Southern Beirut Suburbs — Multiple explosions were reported in the southern suburbs of Beirut, Lebanon, on Sunday, June 7, 2026, as Israel launched a new wave of attacks. This further escalates regional tensions, which have been impacting global energy markets.
- Trump States Iran Deal Will Not Immediately Unfreeze Assets — US President Donald Trump stated in an interview on Sunday, June 7, 2026, that any potential peace deal with Iran would not result in the immediate unfreezing of Iranian assets. This statement comes amidst ongoing negotiations to end the conflict.
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 over Strait of Hormuz
- What is the Disruption Index?
- Currently 99, up 0 vs prior reading.