08/05/2026
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08/05/2026
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NEW YORK, May 8: Oil prices surged before easing on Friday after renewed military escalation between the United States and Iran triggered volatility in global energy markets, particularly amid disruptions linked to the Strait of Hormuz.
Brent crude futures rose as much as 3% during the session following reports of air and naval exchanges between the two sides, before paring gains as traders speculated that the fighting could pause and shipping risks might ease. Brent settled at $101.29 per barrel, up $1.23 or 1.23%.
Meanwhile, West Texas Intermediate crude futures ended at $95.42 per barrel, gaining 61 cents or 0.64%, reflecting continued but moderated market concern over supply disruptions.
The volatility came as traders closely monitored tensions in the Gulf region, where shipping activity has been disrupted, raising fears over potential impacts on global crude supply routes.