Oil Market Snapshot — Sun, 07 Jun 2026 17:00 UTC
Published 2026-06-07 17:05
Global oil markets surged following the confirmed closure of the Strait of Hormuz after US military engagement with Iranian drones. Brent Crude Oil jumped +5.57% to $100.5/barrel, while WTI Crude Oil rose +5.31% to $101.7/barrel within 24 hours. The Disruption Index remained at 99, reflecting sustained extreme market instability. Despite the broader oil rally, specific WTI Crude contracts (likely older front-month) saw a -2.69% decline to $90.54/barrel, and Brent Crude (potentially a different contract) dipped -0.33% to $92.78/barrel, indicating possible liquidity shifts during the crisis. LNG prices remained relatively stable, registering a minor -0.52% dip to 48.5 EUR/MWh. Geopolitical tensions will continue to dictate short-term price action.
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: % —
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 military shoots down 2 Iranian drones over Strait of Hormuz
- What is the Disruption Index?
- Currently 99, up 0 vs prior reading.