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Brent remains supported at $100/bbl

Overnight, the US and Iran have traded naval attacks in the Strait of Hormuz.....
Published: May 8, 2026
Written by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
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The Jul’26 Brent futures remained supported at the $100/bbl handle this afternoon and climbed to $102/bbl at 16:25 BST, where it finally met resistance and eased to $101.30/bbl at 17:27 BST (time of writing). This afternoon's support emerged alongside an increase in hostilities between the US and Iran. Overnight, the US and Iran have traded naval attacks in the Strait of Hormuz.....

The US also reportedly bombed two Iranian ports. Meanwhile, Iran announced that it seized an oil tanker in the Gulf of Oman and directed it to the nation's southern coast. US President Donald Trump reportedly said the ceasefire was still in effect, while Qatari Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani has landed in Washington, DC, for meetings with US officials amid talks on a peace proposal with Iran. Former US assistant secretary of state and former General Mark Kimmitt said he expects Iran will reject most of the proposal, but there are areas it's willing to discuss with the US, so there will be "something to take forward, perhaps at the diplomatic table." Finally, at the time of writing, the front-month (Jul/Aug) and 6-month (Jul/Jan'27) Brent futures spreads are at $3.88/bbl and $16.47/bbl, respectively.

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