Oil (Primary Macro Driver)
| Contract | Today | Yesterday | May 7 |
| Brent Crude | ~$104–106 | ~$104 | ~$108 |
| WTI Crude | ~$95–97 | ~$95 | ~$99 |
Gold
| Asset | Today | Yesterday | May 7 |
| Gold | ~$2,320 | ~$2,335 | ~$2,345 |
Macro Interpretation
Oil volatility remains directly linked to:
- Strait of Hormuz developments
- US-Iran negotiations
- Shipping disruptions
- Insurance and tanker-flow normalization
Markets partially removed the extreme geopolitical premium seen earlier this week after ceasefire optimism.
However:
- Oil remains historically elevated
- Supply disruptions are unresolved
- Analysts still warn about structural tightness
Barclays recently maintained a 2026 Brent forecast near $100 amid continued disruption risk.
➡️ Oil remains the dominant macro transmission channel into inflation and rates.