Commodities (Crude Oil & Copper) & Macro Outlook

According to JPMorgan Chase analysts, U.S. gasoline prices could rise to $5 per gallon as refineries prioritize jet fuel production amid energy supply pressures. The bank's report on May 8 noted that current gasoline prices have already reached $4.55 per gallon. Refineries are shifting production to

According to Nomura Securities, the Bank of England may raise interest rates by 25 basis points in 2026 if Brent crude oil prices remain around $90 per barrel. LSEG data shows the market has fully priced in two 25bp rate hikes from the BoE before

According to a Goldman Sachs survey released on May 8, a majority of investors expect shipping disruptions through the Strait of Hormuz to persist beyond June. Specifically, 43% of respondents anticipate normal shipping operations will not resume until July or later. The survey also found that one-t

According to Barclays on May 8, the bank maintained its forecast for Brent crude oil to average $100 per barrel in 2026, with risks skewed to the upside. "Even in the most optimistic scenario, we believe oil prices may still be undervalued, as demand remains strong and inventories continue to

According to the CEO of Italian energy company Edison, Qatar Energy will resume liquefied natural gas supplies to its European customers within 30 to 45 days following a peace agreement. However, supply volumes are expected to remain below pre-war levels, the executive

According to informed sources, Saudi Aramco Trading and Adnoc continue shipping crude oil through the Strait of Hormuz on May 8, despite significantly reduced volumes following Iran's closure of the waterway ten weeks prior. Adnoc is among the first to resume operations, delivering Upper Zakum crude

According to Iran's Mehr News Agency, an explosion was reported in Sirri Island near the Strait of Hormuz. The cause remains unclear.

According to Fox News, the U.S. military conducted airstrikes on May 8, hitting several very large crude carriers (VLCCs) attempting to break through a blockade. The vessels, described as empty tankers by a senior U.S. official, were heading back to Iran to circumvent the blockade.

According to Jin Shi Futures, as of 8 p.m. Beijing time on May 8, WTI crude oil futures rose 0.35% and U.S. natural gas futures rose 0.90%.

According to the U.S. Central Command, over 70 tankers have been blocked from entering or leaving Iranian ports as of May 8.

According to Ukraine's Security Service, Ukrainian forces struck Lukoil's oil refinery in Perm for the second consecutive day on May 7-8. The facility is a key Russian energy infrastructure asset.

According to Commerzbank analysts, crude oil prices remained range-bound this week as traders await developments in U.S.-Iran peace negotiations, following recent military exchanges that heightened concerns over the fragile ceasefire. The bank noted that even if an agreement is reached, oil price de

According to Jin Ten Data, on May 8, President Trump posted that oil prices have declined 25%, or approximately $30 per barrel, since the Biden administration, falling to $90 per barrel.

According to Xinhua News Agency, two Iranian oil tankers, SEASTARIII and SEVDA, were attacked near the Strait of Hormuz on May 8. Crews aboard the vessels transmitted radio distress calls requesting assistance following the

According to Tanker Trackers, three empty Iranian oil tankers broke through the U.S. blockade and returned to Iran over the past two days.

According to Reuters, Iran established the Persian Gulf Strait Authority (PGSA) on May 8 to approve ship transits through the Strait of Hormuz and collect tolls from vessels passing through the chokepoint that carries 20 percent of global oil trade. The PGSA circulated an application procedure

According to 金十数据, Libya's Zawiyah refinery, located 40 kilometers west of Tripoli, entered emergency status on Friday, May 8, due to clashes erupting near the facility. The refinery, which operates Libya's largest active production capacity of 120,000 barrels per day, is connected to the Sarir

According to EU announcement on May 8, the European Commission will allow European airlines to use Jet A fuel, a type more commonly available in the United States, to address supply disruptions caused by the Hormuz Strait closure. The move aims to help carriers cope with fuel shortages after the

Turkey's Energy Minister announced plans to reach a new liquefied natural gas agreement with Algeria this year, with the goal of transporting part of the gas supply to Southeast Europe.