Oil Market Snapshot — Thu, 23 Jul 2026 11:00 UTC
Published 2026-07-23 11:05
Oil prices surged dramatically this hour, driven by the definitive closure of the Strait of Hormuz. Iran's blockage, confirmed minutes ago, followed a reported tanker incident. Brent Crude Oil jumped 5.57% to $100.5/barrel, while WTI Crude Oil rose 5.31% to $101.7/barrel. The broader Disruption Index remains at an extreme 99. Petrochemicals showed a significant percentage increase (+53.52%), though specific pricing is unavailable. Secondary oil benchmarks, Brent Crude ($97.47/barrel, +3.61%) and WTI Crude ($89.47/barrel, +3.05%), also reflected supply fears. The duration of the Strait closure will dictate market trajectory.
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/ | 53.52 |
| Brent Crude | 97.47 USD/barrel | 3.61 |
Top movers
- Petrochemicals: % —
- Brent Crude Oil: % —
- WTI Crude Oil: % —
- Brent Crude: % —
- WTI Crude: % —
Frequently asked questions
- What moved oil prices this hour?
- Petrochemicals led with a +53.52% move.
- What is the current Strait of Hormuz status?
- Iran blocks Strait of Hormuz, oil prices soar amid tanker incident
- What is the Disruption Index?
- Currently 99, up 0 vs prior reading.