Insights

Weekly Market Commentary – 1st May 2026

1 May 2026

This week a signal that the US may be willing to keep the Strait of Hormuz closed for months sent another shock wave through oil markets. Brent crude hit $126 a barrel before settling back to around $114. The gap between benchmark prices and the price of physical oil for immediate delivery has been wide in recent weeks. This week’s move suggests parts of the market think the benchmark price may be unrealistically optimistic.